Toyota to Invest $500 Million in Joby Aviation
Toyota Motor Corporation Operating Officer Tetsuo “Ted” Ogawa and Joby Aviation's Founder and CEO, JoeBen Bevirt, pictured at a formal signing ceremony at Toyota’s North American regional headquarters in Plano, Texas.
TOYOTA CITY, Japan—Toyota Motor announced a new $500 million investment in Joby Aviation to support the certification and production of Joby’s electric air taxi. This follows Toyota's previous $394 million investment and is part of their strategic alliance focused on commercial manufacturing. The investment will be in cash for common stock, with the first tranche closing later in 2024.
Joby is advancing towards commercializing its electric vertical takeoff and landing aircraft (eVTOL) and has begun expanding its facility in California. Toyota's North America CEO, Ted Ogawa, emphasized that sustainable flight is key to addressing current mobility challenges.
Already Joby’s largest external shareholder, Toyota has been working closely with Joby, with engineers collaborating on key components for the aircraft. Automakers, including Stellantis, have shown growing interest in eVTOL technology, and airlines like Delta are also investing in air taxi services to offer faster urban transport. Joby is targeting the next few years for commercial deployment of these services.
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