Toyota invests additional $500 million in Joby Aviation, advancing electric air taxi development

Toyota Motor Corporation has announced an additional $500 million investment in Joby Aviation, further supporting the development of electric air taxis.

This latest funding, set to be distributed in two tranches, will bring Toyota’s total investment in the aviation company to $894 million, underscoring its commitment to sustainable flight as part of its broader mobility strategy.

The investment aims to assist Joby in the certification and commercial production of its electric aircraft, with the first tranche expected to close later this year and the second in 2025. As part of the deal, Toyota and Joby will establish a strategic manufacturing alliance, focusing on the initial phases of Joby’s air taxi service.

Toyota’s growing stake in Joby reflects the automotive giant’s transition from a traditional car manufacturer to a broader mobility company. The firm sees electric air travel as a key element in the future of transportation. Toyota engineers have been working closely with Joby’s team, applying insights from the Toyota Production System to streamline Joby’s operations.

JoeBen Bevirt, Joby’s founder and CEO, said: “Today’s investment builds on nearly seven years of collaboration between our companies. The knowledge and support shared by Toyota has 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 Aviation has been actively working on certifying its electric air taxis and has recently unveiled its third aircraft from its pilot production line in Marina, California. The company is also expanding its manufacturing footprint with a new facility, further cementing its role in the future of sustainable air travel.