Toyota Pledges $500MM Investment In Joby Aviation
Japanese carmaker has been backing Joby since 2019.
Toyota announced today it was investing a half billion dollars more in Joby Aviation. Since 2019, the carmaker has already invested some $394 million in the electric air-taxi developer. Toyota said the added investment is “to support the certification and commercial production of Joby’s electric air taxi, with the aim of realizing the two companies’ shared vision of air mobility.”
The new funding specifically targets establishing a manufacturing alliance for Joby’s first phase of commercialization. The $500 million will come in two $250 million tranches, the first planned to close later this year and the second, next year.
Toyota’s relationship with Joby began with an initial investment five years ago from the carmaker’s early-stage venture capital unit, Toyota Ventures. The group’s mission is to explore, identify and financially support disruptive technologies and companies as investment opportunities.
Since its initial financial support, Toyota has also contributed time and in-house knowledge of the Toyota production system’s process planning, manufacturing method development and tooling design. Working directly with Joby researchers at the company’s California headquarters, last year, a Toyota engineering team signed a long-term agreement to supply powertrain and actuation components for Joby aircraft.
JoeBen Bevirt, founder and CEO of Joby Aviation, said, "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." Toyota operating officer Tetsuo "Ted" Ogawa added, "We share Joby's view that sustainable flight will be central to alleviating today's persistent mobility challenges."
