Toyota Invests $500M in Joby Aviationโs Electric Air Taxi
Toyota Motor Corporation is doubling down on its investment in electric air taxis, announcing a $500 million investment in Joby Aviation. This move aims to support the certification and commercial production of Jobyโs electric vertical takeoff and landing (eVTOL) aircraft.
The news was reported by Joby Aviation on October 2, 2024.
Investment Details
The $500 million investment will be made in two equal tranches, with the first targeted to close later this year and the second planned for 2025. This additional funding will bring Toyotaโs total investment in Joby to a whopping $894 million.
Strategic Partnership
This isnโt just about money. Toyota and Joby are deepening their partnership in significant ways. Toyota engineers are now working side-by-side with Jobyโs team in California, and the companies have inked a long-term agreement for Toyota to supply key components. The plans also include establishing a manufacturing alliance for initial commercialization.
JoeBen Bevirt, Jobyโs founder and CEO, emphasized the importance of this collaboration: โThe knowledge and support shared by Toyota has been instrumental in Jobyโs success and we look forward to deepening our relationship as we deliver on our shared vision for the future of air travel.โ
Progress Towards Commercialization
Jobyโs making impressive strides in bringing its eVTOL to market. Theyโve already rolled their third aircraft off the pilot production line in Marina, California, and broken ground on an expanded California facility that will double their manufacturing footprint. On the certification front, Joby confirmed that over one-third of the fourth stage (out of five) of the type certification process is now complete on their side.
DroneXLโs Take
This massive investment from Toyota signals growing confidence in the future of urban air mobility. Itโs not just about the money โ Toyotaโs expertise in mass production could be a game-changer for Joby. Weโve been following the eVTOL industry closely, and this partnership could accelerate the timeline for commercial air taxi services.
The collaboration between an automotive giant and an innovative drone company highlights the blurring lines between traditional transportation and cutting-edge aviation tech. Itโll be fascinating to see how this impacts the broader drone industry.
What do you think about Toyotaโs big bet on flying taxis? Share your thoughts in the comments below!โโโโโโโโโโโโโโโโ
Last update on 2026-01-28 / Affiliate links / Images from Amazon Product Advertising API
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