Toyota Motor has announced an additional $500 million investment in Joby Aviation, a company developing electric air taxis for commercial passenger service. This new investment will support the certification and commercial production of Joby’s electric air taxis.
The investment will be made in two equal tranches, with the first expected to close by the end of 2024 and the second by 2025. This brings Toyota’s total investment in Joby to $894 million. The deal was signed by Toyota Motor Operating Officer Tetsuo “Ted” Ogawa and Joby Aviation CEO JoeBen Bevirt at Toyota’s North American headquarters in Plano, Texas.
Joby has rolled out its third aircraft from its pilot production line in Marina, California. Joby has made notable progress in the type certification process, essential for commercial launch, with the fourth of five stages now over one-third complete.
Toyota engineers are actively collaborating with Joby’s team in California to accelerate the commercial development of Joby’s electric aircraft.
Toyota’s relationship with Joby began through Toyota Ventures, its early-stage venture capital arm, which initially invested in the company. Toyota later increased its total investment to $394 million, and in 2023, the two companies signed a long-term agreement for Toyota to supply key components for Joby’s aircraft.