Toyota Invests $500M in Joby Aviation: Accelerating the Future of Electric Air Taxis

Toyota Boosts Investment in Joby Aviation’s Electric Air Taxi Project

Toyota Motor Corporation has announced an additional $500 million investment in Joby Aviation, bringing its total stake in the electric air taxi startup to $894 million. This latest infusion of capital is aimed at supporting the certification and production of Joby’s innovative electric vertical takeoff and landing (eVTOL) aircraft.

With this investment, Toyota is set to own approximately 22% of Joby’s outstanding shares, solidifying its position as a major stakeholder in the company’s future.

The partnership between Toyota and Joby Aviation, which has been ongoing for nearly seven years, has been instrumental in driving Joby’s progress and success in the emerging urban air mobility sector. The collaboration is rooted in a shared vision for the future of air travel, focusing on sustainable and efficient transportation solutions.

Joby Aviation has recently achieved significant milestones, including the completion of its third aircraft and progress on the fourth of five necessary certifications for its air taxi. These developments mark crucial steps toward the company’s goal of revolutionizing short-distance air travel.

Toyota’s involvement extends beyond financial backing. The automotive giant is contributing valuable design and manufacturing expertise to the project. Toyota engineers are actively collaborating with Joby’s team at their California headquarters, bringing decades of automotive production experience to the aviation sector.

Furthermore, a long-term agreement is in place for Toyota to supply key components for Joby’s aircraft production, ensuring a stable supply chain for the startup’s ambitious manufacturing plans.

This substantial investment and continued partnership highlight the growing interest and potential in the electric air taxi market, as major automotive players seek to diversify their portfolios and capitalize on emerging transportation technologies.

As Joby Aviation continues to progress towards certification and commercial operations, the support from Toyota could prove pivotal in bringing electric air taxis from concept to reality in urban environments around the world.