Toyota Motors (NYSE: TM) announced on Wednesday its plan to invest an additional $500 million in Joby Aviation Inc. (NYSE: JOBY), signaling its continued commitment to the electric vertical takeoff and landing (eVTOL) aircraft sector. Shares of Joby Aviation surged by 25% following the news.
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Toyota has committed $894 million to Joby as part of a seven-year collaboration between the two companies
Toyota Motor said Wednesday it will invest another $500 million in Joby Aviation to support certification and commercial production of Joby's electric air taxi.
Toyota is doubling down on Joby Aviation with a $500 million investment into the California-based company that's developing electric air taxis. Toyota's total investment in Joby, which includes a $394 million capital injection back in 2020, is now $894 million.
Toyota Motor North America said on Tuesday it had built extra inventory of vehicles and parts ahead of the U.S. port strikes, which began earlier in the day.
The U.S. government's traffic safety agency detailed the automaker's latest recall. This affects tens of thousands of its recent-model Corolla Crosses.
Toyota Motor Corp is recalling over 42,000 U.S. vehicles over loss of power brake assist that can extend the distance required to stop, the National Highway Traffic Safety Administration said on Friday.
Toyota Motor's global production fell 11% in August, declining for a seventh straight month, dragged lower by a typhoon and a certification scandal in Japan and a pause in output for two sport utility vehicles in the United States.
24/7 Wall St. Insights Toyota Motor Corp. (NYSE: TM) stock has underperformed the S&P 500 this year.
Toyota Motor on Tuesday increased its share buyback plan through April 30 to up to 1.2 trillion yen ($8.31 billion) from 1 trillion yen in view of the latest share price.
Toyota has been sued in a proposed U.S. class action accusing the Japanese automaker of emissions cheating in nine engines for its forklift trucks.