Toyota has announced a fresh $500 million investment in Joby Aviation, further deepening its commitment to advanced air mobility.
This latest funding will be delivered in two stages, with the first expected to close later this year and the second in 2025. It brings Toyota’s total investment in the California-based air taxi developer to $894 million.
The partnership between the two companies, which began in 2019, aims to accelerate the certification and commercial production of Joby’s electric vertical take-off and landing (eVTOL) aircraft. The investment also comes with plans to establish a manufacturing alliance for the first phase of commercialization, underscoring the automaker’s growing interest in sustainable flight.
“Today’s investment builds on nearly seven years of collaboration between our companies,” said JoeBen Bevirt, Founder and CEO of Joby Aviation. “The knowledge and support shared by Toyota has 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.”
Toyota’s engineers have been working side-by-side with Joby’s team in California. This collaboration goes beyond financial investment with Toyota also set to provide key components for Joby’s aircraft under a long-term supply agreement.
“With this additional investment, we are excited to see Joby certify their aircraft and shift to commercial production,” said Tetsuo Ogawa, CEO of Toyota Motor North America. He noted that sustainable flight could help alleviate today’s mobility challenges, aligning with Toyota’s broader vision of transforming into a mobility company.
Joby has been making progress in its push towards commercialization. The company recently completed its third aircraft from its pilot production line and has broken ground on an expanded facility that will more than double its manufacturing footprint.
This latest move by Toyota solidifies its position as Joby’s largest external shareholder and signals its confidence in the future of urban air mobility.
