Toyota pours another $500M into electric air taxi startup Joby Aviation
Toyota invests another $500M in Joby Aviation, marking $894M total to support the eVTOL aircraft development.
Toyota is intensifying its commitment to Joby Aviation with an additional $500 million investment, bringing its total to $894 million. This financial boost will aid Joby in completing the Type 2 certification process with the Federal Aviation Administration and support the commercial production of its electric vertical takeoff and landing (eVTOL) aircraft.
Joby Aviation, founded by JoeBen Bevirt in 2009, is aiming to launch its commercial air taxi service in 2025. The company has made significant progress in the past five years, including acquiring Uber’s air taxi project, Elevate, in 2020 and announcing plans in 2021 to go public through a merger with Reinvent Technology Partners.
Beyond financial investments, Toyota has provided significant operational support through its Toyota Production System since 2019. This deep collaboration now includes a long-term agreement for Toyota to supply key components for Joby's aircraft. Joby’s expanded manufacturing facility and the assembly of its third aircraft are part of this collaboration.