Toyota, an existing Joby partner, apparently likes the progress Joby is making. The automaker has agreed to invest an additional $500 million through the purchase of two equal tranches of Joby stock, with the first expected to close later this year and the second in 2025.

For Schaeffer's Cheap Seats: Stocks Under $20 segment, we're taking a look at Joby Aviation Inc (NYSE: JOBY) and Piedmont Lithium Inc (NASDAQ:PLL), both of which are making sizeable intraday moves.

Joby Aviation Inc.’s stock was up nearly 11% on Wednesday after the electric-air-taxi company said Toyota Motor Corp. agreed to invest $500 million behind the commercial launch of its business. The money will help pay for the certification and production of Joby Aviation’s electric air taxi under its Chief Executive and founder JoeBen Bevirt.