Toyota to Invest $500 Million in Joby Aviation to Advance Electric Air Taxi Production

03/10/2024 - 20:50 Toyota,   IAB Team
Toyota is set to invest an additional $500 million in Joby Aviation, a company specializing in electric air taxis for commercial passenger service. This funding will help Joby achieve certification and begin large-scale production of its electric air taxi, advancing both companies' shared vision of air mobility.

ArrayThe investment will be made in two equal installments, pending regulatory approvals, completion of agreements, and a strategic alliance focused on commercial manufacturing. Once finalized, Toyota’s total investment in Joby will reach $894 million, with the first tranche expected to close later this year and the second in 2025.

Joby has been progressing rapidly toward commercialization, recently rolling out its third aircraft from its pilot production line in Marina, California. Additionally, the company is expanding its manufacturing facility, which will more than double its production capacity. Joby has also reached a key milestone in its certification process, with over one-third of the fourth stage now complete.

Also read: Toyota's Upcoming EV to Rival Tesla's Autonomous Driving

Toyota’s continued investment reflects its long-standing ambition to turn air mobility into a reality, in line with its transformation into a mobility company under the leadership of Chairman Akio Toyoda.

More from Toyota

पसंदीदा खबरें

Most Viewed

Subscribe to our daily newsletter