Why Joby Aviation, Inc. (JOBY) Soared On Wednesday

We recently published a list of While Market Bleeds, These 10 Firms Soar. In this article, we are going to take a look at where Joby Aviation, Inc. (NYSE:JOBY) stands against other best-performing stocks.

Joby Aviation soared by 28.78 percent to close at $8.86 apiece as investors gobbled up shares following news that it closed a $250-million investment from giant carmaker Toyota Motor Corporation.

According to Joby Aviation, Inc. (NYSE:JOBY), the amount represents the first tranche of the $500-million investment, aimed at supporting certification and commercial production of Joby’s electric air taxi.

“With this capital and Toyota’s legendary production expertise, we’re enhancing our ability to scale cutting-edge design and manufacturing to meet the demands of our partners and customers,” said Joby Aviation, Inc. (NYSE:JOBY) founder and CEO JoeBen Bevirt.

For his part, Toyota North America CEO Tetsuo Ogawa said that the investment reflects the two companies’ dream “of mobility for all and our commitment to achieving a future of air mobility.”

Joby Aviation, Inc. (NYSE:JOBY) is a California-based transportation company developing an all-electric, vertical take-off and landing air taxi, which it intends to operate as part of a fast, quiet, and convenient service in cities around the world.

Overall, JOBY ranks 1st on our list of best-performing stocks. While we acknowledge the potential of JOBY, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than JOBY and that has 10,000x upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.