Toyota Motor Corporation will invest an additional US$500 million in Joby Aviation to support the certification and commercial production of Joby's electric air taxi, aiming to realise the two companies' shared vision of air mobility.
The investment, which will be made in two equal tranches, is subject to standard regulatory approvals and certain other conditions, including finalisation of collaborative and commercial agreements. For the second tranche, the finalisation of terms related to a strategic alliance focused on commercial manufacturing is also required. This investment will bring Toyota Motor Corporation's total funding in Joby to US$894 million and will be made in cash for common stock, with the first tranche expected to close later this year and the second in 2025. Further details of the investment can be found in the companies' regulatory filings with the SEC.
“Today's investment builds on nearly seven years of collaboration between our companies,” said JoeBen Bevirt, founder and CEO of Joby Aviation. “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.”
“With this additional investment, we are excited to see Joby certify their aircraft and shift to commercial production,” said Tetsuo Ogawa, who signed the agreement as the Operating Officer on behalf of Toyota Motor Corporation. “We share Joby's view that sustainable flight will be central to alleviating today's persistent mobility challenges.”
Joby continues to make significant progress towards commercialisation, recently rolling out its third aircraft from its pilot production line in Marina, California, and breaking ground on an expanded facility in California that will more than double the company's manufacturing footprint. In August 2024, it confirmed that the fourth of five stages of the type certification process is now more than one-third complete on the Joby side.
Toyota's additional investment reflects the continued aim of the Toyota Motor Corporation's founding family—starting with Kiichiro Toyoda and continuing to present-day Chairman Akio Toyoda—to realise the dream of air mobility for personal or daily travel as part of its transformation into a mobility company.
