Toyota to Invest $500 Million in Electric air Taxi Company Joby Aviation

Toyota Motor Corporation has announced that it will invest an additional $500 million in Joby Aviation, a US company developing electric air taxis for commercial passenger service. The funding will support the certification and commercial production of its air taxis.

The investment will bring Toyota Motor's total investment in Joby to $894 million.

Joby’s electric air taxi is designed to carry a pilot and four passengers at speeds of up to 200 mph.

The company recently rolled its third aircraft off its pilot production line in Marina, California, and breaking ground on an expanded facility in California that will more than double the company's manufacturing footprint.

In August 2024, it confirmed that the fourth of five stages of the type certification process is now more than one-third complete on the Joby side. 

Toyota's relationship with Joby began through an initial investment made by Toyota Ventures, the early-stage venture capital arm of Toyota.

JoeBen Bevirt, founder and CEO, Joby Aviation, says: "Today's investment builds on nearly seven years of collaboration between our companies. The knowledge and support shared by Toyota have been instrumental in Joby's success and we look forward to deepening our relationship as we deliver on our shared vision for the future of air travel."

"With this additional investment, we are excited to see Joby certify their aircraft and shift to commercial production," adds Tetsuo "Ted" Ogawa, who signed the agreement as the Operating Officer on behalf of Toyota Motor Corporation. "We share Joby's view that sustainable flight will be central to alleviating today's persistent mobility challenges."

Joby Aviation, Inc. is a California-based transportation company developing an eVTOL air taxi which it intends to operate as part of a fast, quiet, and convenient service in cities around the world.