Toyota Invests $500M in Joby Aviation’s Electric Air Taxi
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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 Joby’s 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 Toyota’s total investment in Joby to a whopping $894 million.
Strategic Partnership
This isn’t just about money. Toyota and Joby are deepening their partnership in significant ways. Toyota engineers are now working side-by-side with Joby’s 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, Joby’s founder and CEO, emphasized the importance of this collaboration: “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.”
Progress Towards Commercialization
Joby’s making impressive strides in bringing its eVTOL to market. They’ve 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.
DroneXL’s Take
This massive investment from Toyota signals growing confidence in the future of urban air mobility. It’s not just about the money – Toyota’s expertise in mass production could be a game-changer for Joby. We’ve 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. It’ll be fascinating to see how this impacts the broader drone industry.
What do you think about Toyota’s big bet on flying taxis? Share your thoughts in the comments below!
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