Why Joby Aviation Stock Is Surging Today

Joby Aviation stock is surging today, rising as broader market momentum lifts high-growth names and improves valuation sentiment. As of 2 p.m. ET Monday, Joby shares were up 6.5% and at one point earlier in the session gained as much as 11.1%. The S&P 500 was up 0.7% and the Nasdaq Composite up 0.9% at the same time. Alongside market tailwinds, the company’s valuation received additional support from a newly announced electric vertical take-off and landing (eVTOL) production partnership with Toyota. On June 30, Joby and Toyota said they entered a manufacturing partnership for eVTOL craft, forming the Joby Toyota Aero Manufacturing Preparation Company. Joby will hold 49% and Toyota 51%, with Toyota stepping into a leading role in building manufacturing operations.