HomeNewsBy JECToyota invests US$ 500 million in Joby Aviation’s flying taxis

Toyota invests US$ 500 million in Joby Aviation’s flying taxis

Japanese carmaker Toyota has invested US$500 million to support the American electric air taxis manufacturer Joby Aviation. The investment aims to speed up its commercial production. The 2 companies have been working together for several years.

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Cross the city thanks to an electric flying taxi will soon be reality. That’s, at least, the wish of Japanese carmaker Toyota, which is financing the manufacture of electric air taxis. The company has just invested US$500 million in Joby Aviation, a company developing electric air taxis for commercial passenger transport.

“We share Joby’s view that sustainable flight will be central to alleviating today’s persistent mobility challenges” said Tetsuo “Ted” Ogawa, who signed the agreement as the Operating Officer on behalf of Toyota Motor Corporation.

Toyota’s investment reflects the continued aim of Toyota Motor Corporation’s founding family, to realize the dream of air mobility for personal or daily travel as part of its transformation into a mobility company.

Speeding up time to market

Investment to be made in two equal tranches, in 2024 and 2025 will support certification and commercial production of Joby’s electric air taxi. It will bring total investment from Toyota Motor Corporation in Joby to US$894 million. The carmaker had indeed already injected US$394 million dollars to support Joby.

“Today’s investment builds on nearly seven years of collaboration between our companies,” said JoeBen Bevirt, founder and CEO, Joby Aviation. In 2023, the two companies signed a long-term agreement for Toyota to supply key powertrain and actuation components for the production of Joby’s aircraft. Since 2019, in addition to monetary investments, Toyota has been investing time and human resources to share its knowledge in manufacturing method development and tooling design.

Toyota engineers now work side-by-side with the Joby team in Marina (California), where a pilot production line recently rolled its third aircraft off. Powered by six electric motors, the air taxi, designed to carry a pilot and four passengers at speeds of up to 200 miles per hour, takes off and lands vertically.