Toyota Motor Corporation has announced an additional investment of 500 million USD in Joby Aviation to support its development of electric air taxis.
This investment will support the certification and commercial production of Joby’s aircraft. The funds will be distributed in two equal tranches, with the first expected to close later this year and the second in 2025.
This new round will bring Toyota’s total investment in Joby to 894 million USD.
The investment includes plans to establish a strategic manufacturing alliance between the two companies, focused on commercial production in the early phases of Joby’s air taxi service.
Toyota’s increased stake is part of its long-term strategy to transition from a traditional automotive company into a mobility company. The company sees sustainable flight as a key part of the future of mobility.
Toyota has also been contributing time and human resources to Joby, with engineers working alongside Joby’s team to share insights from the Toyota Production System.
Joby’s founder and CEO, JoeBen Bevirt 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 has been working towards certifying its electric air taxis and recently rolled out its third aircraft from its pilot production line in Marina, California. The company is also expanding its manufacturing footprint with a new facility in California.
