Toyota Elevates Joby Aviation Partnership with $500 Million Boost

Toyota Motor Corporation is set to deepen its commitment to electric air mobility with an additional $500 million investment in Joby Aviation. This investment aims to propel the certification and commercial production of Joby’s electric air taxi, strengthening the partnership between the two companies.

The funds will be distributed in two equal installments, pending regulatory approvals and the finalization of collaborative agreements. The first tranche is expected to close by the end of this year, while the second is planned for 2025, contingent on strategic alliance terms. Once completed, this new investment will bring Toyota’s total commitment to Joby to $894 million.

Joby Aviation continues to progress towards commercialization, recently unveiling its third aircraft from its pilot production line and expanding its manufacturing footprint in California. The company has also made significant strides in the type certification process, nearing the final stages.

Since 2019, Toyota has played a vital role in supporting Joby beyond just financial investments. Toyota has contributed its expertise in the Toyota Production System, aiding in process planning, manufacturing methods, and tooling design. Toyota engineers work closely with Joby’s team, and a long-term agreement was signed in 2023 to supply essential powertrain components for Joby’s aircraft production.

Toyota’s initial involvement with Joby began with an investment through Toyota Ventures, its venture capital arm, which seeks to identify breakthrough technologies. This partnership has since evolved into a strategic alliance aimed at redefining urban air transportation.

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