Toyota Motor Corporation announced a major investment of $500 million in Joby Aviation, Inc., advancing their shared vision for sustainable air mobility. The investment will be delivered in two equal tranches, with the first scheduled for late 2024 and the second in 2025, pending regulatory approvals and other conditions. This brings Toyota’s total investment in Joby to $894 million.
The funds will support the certification and commercial production of Joby’s electric air taxis, marking a significant step toward their entry into the commercial passenger service market. The companies also plan to establish a manufacturing alliance, further solidifying their strategic partnership.
The announcement was made during a formal signing ceremony at Toyota’s North American regional headquarters in Plano, Texas, attended by Toyota Operating Officer Tetsuo “Ted” Ogawa and Joby Aviation founder and CEO JoeBen Bevirt. Both expressed their excitement about deepening the collaboration, which has been ongoing for nearly seven years.
“Toyota’s support has been vital in Joby’s journey, and this investment strengthens our shared goal of revolutionizing air travel,” said Bevirt. Joby recently reached significant milestones, including the production of its third aircraft and continued progress toward type certification.
Ogawa added, “We believe sustainable air mobility is key to addressing the future of transportation, and Joby’s innovation is a cornerstone of this vision.”
Toyota’s additional investment aligns with its broader transformation into a mobility company, driven by its commitment to sustainable innovation. The partnership, which began in 2019, has grown to include deep technical collaboration, with Toyota engineers working closely alongside Joby’s team in California.
