By Chris Wack

Joby Aviation Inc. shares rose 20% to $5.74 after the company said it formed a partnership with ANA Holdings Inc. to bring aerial ridesharing services to Japan.

Toyota Motor Corp. also joined the partnership, with the intention of exploring opportunities such as ground-based transportation.

Joby is a California-based company developing an all-electric, five-seat aircraft that can take off and land vertically, with a maximum range of 150 miles and top speed of 200 miles per hour. The company said using the aircraft for the 31-mile journey from Osaka station to Kansai International Airport could take less than 15 minutes by air, compared to an hour by car.

ANA and Joby will collaborate on the development of infrastructure, pilot training, flight operations, air traffic management, public acceptance, and the regulatory requirements to operate.

The integration with ground transportation will also be considered, with Toyota supporting the effort. The parties will also conduct joint discussions with relevant private companies as well as local and national governments.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

February 15, 2022 10:27 ET (15:27 GMT)

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