Investment
Joby Aviation to get investment from Tesla shareholder Baillie Gifford
May 3 (Reuters) – British investment management firm Baillie Gifford will invest $180 million in electric aircraft maker Joby Aviation (JOBY.N), they said on Wednesday.
This comes days after Joby clinched a $55 million contract extension to deliver up to nine air taxis to the U.S. Air Force, marking the company’s first revenue-generating operations.
Unlike other electric vertical takeoff and landing (eVTOL) manufacturers, which plan to sell aircraft to customers such as airlines and logistics companies, Joby’s business model is similar to a rideshare app.
“It is important as long-term investors – even more so in a challenging environment – that we maintain our approach of backing transformational companies to build new growth industries,” a Baillie Gifford spokesperson said in a statement.
The British investment firm are also investors in Elon Musk-led electric vehicle maker Tesla Inc (TSLA.O) and online retailer Amazon.com Inc (AMZN.O).
The investment is expected to close on May 5, Baillie Gifford and Joby said on Wednesday.
Joby also reported cash and short-term marketable securities of $978 million at the end of the first quarter, before the investment.
Once certified, the EVTOL maker will compete in a crowded market with dozens of other developers such as Archer Aviation and Vertical Aerospace Ltd vying to revamp urban transportation.
Our Standards: The Thomson Reuters Trust Principles.
Economy
S&P/TSX composite down more than 200 points, U.S. stock markets also fall
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
Companies in this story: (TSX:GSPTSE, TSX:CADUSD)
The Canadian Press. All rights reserved.
Economy
S&P/TSX composite up more than 150 points, U.S. stock markets also higher
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
Companies in this story: (TSX:GSPTSE, TSX:CADUSD)
The Canadian Press. All rights reserved.
Investment
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