Toyota Motor Corporation is set to invest an additional $500 million in Joby Aviation, a company focused on developing electric air taxis for commercial passenger use. This investment will support the certification and commercial production of Joby’s electric air taxis, furthering the companies’ shared goal of advancing air mobility.
The investment, to be made in two equal instalments, is subject to regulatory approval and certain conditions. The first tranche is expected to be finalised later this year, while the second is anticipated to close in 2025, contingent on a strategic alliance focused on commercial manufacturing. Toyota’s total investment in Joby will increase to $894 million following these contributions. The companies have filed further details with the SEC.
“Today’s investment builds on nearly seven years of collaboration between our companies,” said JoeBen Bevirt, founder and CEO, Joby Aviation. “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.”
Joby is progressing towards commercialising its electric aircraft, having recently rolled out its third aircraft from its production line in Marina, California. Additionally, the company is expanding its manufacturing capabilities, with a new facility under construction in California. In August 2024, Joby confirmed that it had completed more than one-third of the fourth of five stages required for aircraft certification.
Tetsuo “Ted” Ogawa, Operating Officer for Toyota Motor Corporation, expressed enthusiasm about the partnership. “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.”
Toyota’s ongoing investment aligns with its broader goal of becoming a mobility company, a vision championed by its founding family and current Chairman, Akio Toyoda. Since 2019, Toyota has not only invested financially in Joby but also contributed its expertise in manufacturing processes. Toyota engineers work closely with Joby’s team in California, and the companies have a long-term agreement for Toyota to supply key components for Joby’s aircraft.
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