Toyota Motor Corp. Sponsored ADR (TM.US) investment to promote strategic cooperation with Joby Aviation (JOBY.US) soared before market trading.

Electric Vertical Takeoff and Landing Aircraft (eVTOL) company Joby Aviation (JOBY.US) saw its stock price soar before the market opened on Wednesday. This came after the company announced the successful completion of the first $250 million strategic investment commitment from Japanese company Toyota Motor Corp. Sponsored ADR (TM.US). Joby emphasized that this funding marks an important milestone in their long-term partnership, helping both parties achieve their shared vision for the future of air travel. Looking ahead, Toyota's investment aims to support the certification and commercial production of Joby's electric air taxi. This move is also seen as a step towards furthering the strategic manufacturing alliance between the two companies. Joby CEO JoeBen Bevirt stated: "We have already seen the benefits of our collaboration with Toyota in simplifying manufacturing processes and optimizing design. This is an important next step in expanding the prospects for electric flight through our alliance with Toyota. With this funding and Toyota's advanced production technology, we are enhancing our capabilities to scale up cutting-edge design and manufacturing to meet the needs of our partners and customers." As of the time of writing, Joby Aviation's stock price was up 13.95% to $7.84 in pre-market trading, with a 52-week price range of $4.66 to $10.72. Currently, the stock has a short position of 8.3% of outstanding shares.