Toyota Motor Corporation and Joby Aviation, which develops electric air taxis for commercial passenger service, announced that Toyota will invest an additional $500 million to support the certification and commercial production of Joby’s electric air taxis. air mobility.
The investment will be made in two equal installments, subject to standard regulatory approvals and other specific conditions, finalization of cooperation and commercial agreements, and with respect to the second split focusing on the commercial sector. The transaction is subject to finalization of terms related to the strategic alliance. Manufacture and Certain Other Terms. The investment, which brings Toyota Motor Corporation’s total investment in Joby to $894 million, will be in the form of cash for common stock, with the first tranche to be completed later this year and the second tranche to be completed in 2025. I plan to. These are available through a company’s regulatory filings with the SEC.
JoeBen Bevirt, founder and CEO of Joby Aviation, said: “Toyota’s shared knowledge and support has contributed to Joby’s success, and we look forward to deepening our relationship as we realize our shared vision for the future of air travel.”
Joby continues to make significant progress toward commercialization, recently rolling its third aircraft off the pilot production line in Marina, Calif., and breaking ground on an expansion facility in California that will more than double the company’s manufacturing footprint. I did. In August 2024, Joby confirmed that the fourth of the five stages of the type certification process was more than one-third complete.
“With this additional investment, we are excited to see Joby certify its aircraft and move into commercial production,” said Tetsuo “Ted” Ogawa, who signed the agreement on behalf of Toyota Motor Corporation as an executive officer. “I’m working on it,” he said. “We share Mr. Joby’s view that sustainable flight is central to mitigating today’s persistent mobility challenges.”
Toyota’s additional investment is part of Toyota’s transformation into a mobility company, with Toyota Motor Corporation’s founding family, from Kiichiro Toyoda to current chairman Akio Toyoda, committed to realizing the dream of air mobility for personal and everyday travel. reflects the ongoing goals of
Since 2019, in addition to financial investments, Toyota has invested time and human resources to share knowledge about the Toyota Production System through process planning, manufacturing method development, and tooling design. Toyota engineers are currently working alongside the Joby team in California, and in 2023 the two companies have signed a long-term agreement in which Toyota will supply key powertrains and operating components for the production of Joby’s aircraft.
Toyota and Joby’s relationship began through an initial investment by Toyota Ventures, Toyota’s early stage venture capital arm. Toyota Ventures seeks and identifies disruptive technologies and investment opportunities and provides support to portfolio companies. Toyota has since completed investments totaling $394 million.
