Toyota Motor Corporation has announced it will be investing $500 million in California-based electric flying air taxi company Joby Aviation.
The investment, which will bring Toyota’s total investment in Joby to $894 million, will be partially funded later this year and the remaining amount in 2025.
Joby recently rolled out its third aircraft off its pilot production line in Marina, California, and is developing an expanded facility in California that will more than double the Company’s manufacturing footprint.
Tetsuo “Ted” Ogawa, who signed the agreement as the Operating Officer on behalf of Toyota Motor Corporation said, “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.”
Toyota’s relationship with Joby began through an initial investment made by Toyota Ventures, the early-stage venture capital arm of the automaker. Toyota Motor Corporation subsequently completed investments totalling $394 million.
