Toyota Motor Corporation has announced an additional $500 million (approximately Rs 4,165 crore) investment in Joby Aviation Inc., an electric air taxi company aiming to launch commercial passenger services.
This new investment will support the certification and mass production of Joby’s electric air taxis, advancing the shared goal of air mobility. With this funding, Toyota’s total investment in Joby will rise to $894 million.
The investment will be made in cash for common stock, with the first phase expected to close later this year and the second in 2025. “This investment builds on nearly seven years of partnership with Toyota,” said Joby Aviation founder and CEO JoeBen Bevirt. “Toyota’s expertise has been pivotal to our progress, and we look forward to working together to realize our vision for the future of air travel.”
Joby continues to advance towards commercialization, recently completing its third aircraft at its California facility and breaking ground on a new production site that will more than double its manufacturing space. In August 2024, Joby reported significant progress in the fourth stage of the FAA type certification process.
Tetsuo ‘Ted’ Ogawa, it’s Operating Officer, expressed excitement over the new investment, noting, “We are eager to see Joby achieve aircraft certification and begin commercial production. We believe sustainable air travel will play a vital role in addressing modern transportation challenges.”
Since 2019, Toyota has contributed not only financial resources but also expertise in manufacturing processes, working closely with Joby’s team in California. In 2023, the companies signed a long-term agreement for it to supply key components for Joby’s aircraft. Toyota’s initial investment in Joby came through Toyota Ventures, the automaker’s venture capital arm that identifies emerging technologies for future mobility solutions.
