Toyota will invest $500 million in Joby Aviation, which is developing electric air taxis for commercial passenger use. This investment supports the certification and commercial production of Joby’s electric air taxis, moving forward the shared vision of both companies for sustainable air mobility.
The investment, in two equal tranches, is subject to regulatory approvals, commercial agreements, and other conditions. It will increase Toyota’s total investment in Joby to $894 million. The first tranche is expected later this year, with the second in 2025.
JoeBen Bevirt, founder and CEO of Joby Aviation, said, “Today’s investment builds on nearly seven years of collaboration between our companies. The knowledge and support shared by Toyota has been instrumental in Joby’s success and we look forward to deepening our relationship as we deliver on our shared vision for the future of air travel.”
Joby is advancing in electric air taxi development, having completed production of its third aircraft in Marina, California, and expanding its manufacturing facilities. The fourth stage of the certification process is also more than one-third complete.
Tetsuo ‘Ted’ Ogawa, representing Toyota, emphasized the importance of this investment: “With this additional investment, we are excited to see Joby certify their aircraft and shift to commercial production. We share Joby’s view that sustainable flight will be central to alleviating today’s persistent mobility challenges.”
This investment aligns with Toyota’s goal of transforming into a mobility company. Since 2019, Toyota has supported Joby not only with financial investments but also by sharing its production expertise. Toyota engineers work with Joby’s team in California, and the companies have signed a long-term agreement for Toyota to supply key components for Joby’s aircraft.
Toyota’s involvement began through its venture capital arm, Toyota Ventures, with total investments of $394 million before this latest round. The announcement reflects Toyota’s aim to make air mobility part of daily travel, continuing its mission to redefine modern transportation.
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