Toyota Motor Corporation and Joby Aviation, Inc., a company focused on developing electric air taxis for commercial passenger service, have jointly announced a new investment initiative. Toyota will invest an additional $500 million to aid in the certification and commercial production of Joby’s electric air taxi, aligning with both companies’ vision for enhanced air mobility and sustainability.
This investment will be executed in two equal tranches, contingent upon standard regulatory approvals and specific conditions, including the finalisation of collaborative and commercial agreements. The total investment from Toyota will reach $894 million, with the first tranche expected to close later this year and the second in 2025.
“Today’s investment builds on nearly seven years of collaboration between our companies,” said JoeBen Bevirt, founder and CEO, Joby Aviation, adding, “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.”
“With this additional investment, we are excited to see Joby certify their aircraft and shift to commercial production. We share Joby’s view that sustainable flight will be central to alleviating today’s persistent mobility challenges,” said Tetsuo “Ted” Ogawa, who signed the agreement as the Operating Officer on behalf of Toyota Motor Corporation.
Toyota’s further investment underscores the enduring vision of the Toyoda family, which began with Kiichiro Toyoda and continues with current Chairman Akio Toyoda, to realise the potential of air mobility for personal and daily travel as part of the company’s transformation into a comprehensive mobility provider.