Aids Certification and Production of Joby’s Electric Air Taxi

Toyota Motor Corporation has confirmed plans to invest an additional $500 million in Joby Aviation to aid in the certification and production of electric air taxis. The payment will be split in half, with the first made later this year and the second sometime in 2025.

The cash deal brings Toyota’s investment total to $894 million in Joby Aviation. Toyota owns 10% of the company’s shares, making it the largest external Joby shareholder and second largest general shareholder.

“Today’s investment builds on nearly seven years of collaboration between our companies,” commented JoeBen Bevirt, founder and CEO of Joby Aviation. “The knowledge and support shared by Toyota have 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.”

Last year, Toyota signed a long-term agreement to provide key powertrain components with Joby. Toyota engineers are now working alongside the Joby crew in California, sharing insight on factory configuration, process planning, manufacturing methods, and tooling design.

Joby Aviation is making considerable advancements in its journey toward commercialization, with its third aircraft fresh off the pilot production line in Marina, California. The company is also in the construction process of a new facility in Dayton, Ohio, intended to expand its manufacturing capabilities to nearly 500 per year when fully operational.

As of August 2024, Joby was a third of the way through step four out of five for type certification.

“With this additional investment, we are excited to see Joby certify their aircraft and shift to commercial production,” expressed Tetsuo Ogawa, who signed the investment agreement on Toyota’s behalf. “We share Joby’s view that sustainable flight will be central to alleviating today’s persistent mobility challenges.”

Joby’s eVTOL aircraft, powered by six motors, can carry one pilot and up to four passengers at speeds up to 200 mph. It produces zero emissions and an extremely low noise footprint in flight.

FMI: www.jobyaviation.com, www.toyota.com