Toyota Motor Corporation has announced an additional $500 million investment in Joby Aviation, Inc., a company developing electric air taxis for commercial passenger service. This strategic investment supports the certification and commercial production of Joby’s electric air taxi, advancing the two companies’ shared vision of air mobility.
The investment will occur in two phases, with the first tranche closing later this year and the second in 2025, subject to regulatory approvals and conditions. Once completed, Toyota’s total investment in Joby will reach $894 million. This investment will be made as cash for common stock and further details can be found in regulatory filings with the SEC.
Joby Aviation is making significant strides toward the commercialisation of electric air taxis, recently rolling out its third aircraft from its pilot production line in California. The company has also started expanding its manufacturing facilities and is making progress in its type certification process, with one-third of the fourth of five stages already completed.
Toyota’s involvement with Joby began in 2019 through an initial investment by Toyota Ventures, its venture capital arm, and has since grown with monetary and human resource investments. Toyota has been instrumental in providing production expertise, including contributions to process planning, manufacturing methods, and tooling design. Toyota engineers are working closely with Joby’s team, and a long-term agreement has been signed for Toyota to supply key powertrain and actuation components for Joby’s aircraft.
This continued collaboration reflects Toyota’s ambition to revolutionise air mobility, aligning with the company’s broader transformation into a mobility company, following in the legacy of Kiichiro Toyoda and Akio Toyoda.
This partnership marks an exciting step towards achieving sustainable flight and addressing modern mobility challenges.
