Toyota Motor Corporation is set to invest an additional $500 million in Joby Aviation, a leading developer of electric air taxis, to accelerate the certification and commercial production of its electric passenger aircraft. The investment will be made in two equal tranches, with the first closing later this year and the second in 2025.
This investment marks another step towards the shared vision of both companies for the future of air mobility, bringing Toyota’s total investment in Joby to $894 million. The funds will support Joby in achieving certification for its electric air taxi and scaling up commercial manufacturing.
As part of the deal, both companies plan to establish a manufacturing alliance to facilitate the initial phase of Joby’s commercialization efforts. This partnership strengthens Toyota’s ongoing commitment to revolutionizing urban transportation with electric vertical takeoff and landing (eVTOL) technology.
The investment remains subject to regulatory approvals and the finalization of strategic agreements, particularly in relation to commercial manufacturing collaboration. The terms are outlined in the companies’ SEC filings.
Photo: Joby Aviation Photo. Joby’s electric air taxi in flight above the company’s manufacturing and flight testing center in Marina, California.
