Why Joby Aviation, Inc. (JOBY) Crashed On Friday

We recently published a list of These 10 Stocks Lost This Much Today. In this article, we are going to take a look at where Joby Aviation, Inc. (NYSE:JOBY) stands against other Friday’s worst performers.

Joby Aviation declined by 8.22 percent on Friday to close at $7.82 apiece as investors booked profits from the previous days’ surge, buoyed by a $500-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.

Why Joby Aviation, Inc. (JOBY) Crashed On Friday

A futuristic electric vertical takeoff and landing aircraft soaring through the sky.

“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 8th on our list of Friday’s worst performers. 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.