Toyota announced an additional $500 million investment in Joby, a company that is developing electric air taxis for commercial passenger transportation. This investment, which brings Toyota’s total in Joby to $894 million, aims to support the certification and commercial production of Joby electric aerial vehicles, advancing a shared vision of sustainable air mobility.
The capital will be disbursed in two tranches subject to regulatory approvals, commercial agreements and additional conditions. The first tranche is scheduled to be completed at the end of this year, while the second will be carried out in 2025, linked to a strategic alliance for the commercial production of the aircraft.
JoeBen Bevirt, founder and CEO of Joby Aviation, highlighted the importance of the collaboration with Toyota since 2017, noting that the knowledge and support provided by the automaker have been fundamental to Joby’s progress. With this investment, Joby will be able to continue advancing in the certification of its aircraft and expand its production, aligning with the joint vision of making electric air mobility an everyday reality.
In recent months, Joby has achieved important milestones on its path to commercialization, including building its third aircraft on the pilot production line in California. Additionally, the company is in the process of expanding its manufacturing facilities in the state, which will double its production capacity. Regarding the certification process, Joby confirmed that it has completed more than a third of the fourth stage of the process in 2024.
Tetsuo “Ted” Ogawa, chief operating officer of Toyota Motor Corporation, expressed his excitement to see Joby advance certification of its aircraft and move into commercial production. For Toyota, sustainable air mobility will be key to solving today’s transportation challenges, and this investment reaffirms the company’s commitment to supporting innovative technological solutions that promote more efficient and cleaner mobility.
The relationship between Toyota and Joby dates back to 2019, when Toyota Ventures, Toyota’s venture capital arm, made its first investment in Joby. Since then, Toyota has been increasing its support not only financial, but also technical, providing production experts and key components for electric aerial vehicles. This partnership was reinforced in 2023 with a long-term agreement in which Toyota supplies essential powertrain components and actuation systems for Joby aircraft.
Source: https://reporteasia.com/negocios/2024/10/03/toyota-invierte-500-millones-joby-aviation
