Joby Aviation secures additional $500 million investment from Toyota
Joby Aviation, a US-based electric vertical take-off and landing (eVTOL) aircraft manufacturer, has secured an additional $500 million investment from Toyota Motor Corporation (Toyota) to accelerate the certification and commercial production of its electric air taxis.
The recent investment brings Toyota’s total investment in Joby to $894 million.
Investment overview
The funding, provided in two equal instalments, is subject to regulatory approvals and other conditions, including the finalisation of collaborative and commercial agreements.
The first tranche is expected to close later this year, with the second in 2025.
The investment will be in the form of cash for common stock, and further details have been outlined in the companies’ filings with the US Securities and Exchange Commission (SEC).
Toyota’s partnership with Joby began in 2019 when Toyota Ventures, its early-stage venture capital arm, made an initial investment.
Over the years, Toyota has invested a total of $394 million in the company, contributing not only financially but also through technical expertise, including sharing its Toyota Production System knowledge in areas like process planning and tooling design.
Toyota engineers have been working closely with Joby’s team in California, and in 2023, the two companies signed a long-term agreement for Toyota to supply key powertrain and actuation components for Joby’s aircraft.
“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.”
On his part, Tetsuo “Ted” Ogawa, Toyota’s Operating Officer, added, “With this additional investment, we are excited to see Joby certify their aircraft and shift to commercial production. We share Joby’s view that sustainable flight will be central to alleviating today’s persistent mobility challenges.”
Progress towards commercialisation
Joby has been making steady progress toward commercialisation and recently rolled out its third aircraft from the pilot production line in Marina, California.
The company also broke ground on a new facility that will double its manufacturing capacity.
Furthermore, in August, Joby announced that it had completed more than a third of the fourth stage in its five-step type certification process.
Additionally, at the inaugural Advanced Air Mobility Symposium, organised by the International Civil Aviation Organisation (ICAO) in Montreal, Canada last month, the company presented a letter of intent (LoI) to the UAE General Civil Aviation Authority (GCAA) to initiate the process for Joby’s air operator certification in the country.