Toyota Commits $500 Million for Joby Aviation's Electric Air Taxis

Toyota Motor announced an additional $500 million investment in Joby Aviation to support the certification and commercial production of electric air taxis. This funding is part of a larger strategic alliance and adds to the $394 million previously invested. Toyota and Joby are working closely to realize sustainable flight solutions.

Toyota Motor Corporation revealed on Wednesday that it will inject another $500 million into Joby Aviation, aiming to bolster certification and commercial production of Joby's electric air taxi.

This new funding, an extension of the $394 million previously invested, forms part of a strategic alliance focused on commercial manufacturing. The investment is structured as cash for common stock, with the first tranche to close later this year and the second in the following year.

According to Joby, the company is making significant strides towards commercialization and certification. "We share Joby’s view that sustainable flight will be central to alleviating today’s persistent mobility challenges," said Ted Ogawa, CEO of Toyota Motor North America. Toyota engineers are collaborating closely with the Joby team in California, further solidified by a long-term agreement to supply key powertrain and other components for Joby aircraft signed last year.