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With an Investment of US$ 500 Million, Toyota is Joining Joby Aviation to Support the Production and Certification of the Electric Air Taxi, Promising to Revolutionize Commercial Transportation
The Japanese automotive giant, Toyota Motor, is investing US$ 500 million in Joby Aviation, an American company that develops electric air taxis.
This investment reinforces Toyota’s commitment to supporting the commercial launch of Joby’s passenger transport services, expected next year.
The partnership between the two companies is seen as a significant step towards sustainable mobility, focusing on innovative solutions to contemporary transportation challenges.
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Structure of Toyota’s Investment in the Electric Air Taxi Company
The investment will be made in two equal installments, subject to regulatory approval and other conditions, such as the finalization of commercial and collaborative agreements.
The second installment, expected to be finalized in 2025, is tied to the formalization of a strategic alliance focused on commercial manufacturing.
With this investment, Toyota’s total investment in Joby Aviation will reach US$ 894 million. The investment will be in cash for common stocks, with the first installment expected to be completed by the end of this year.
Long-Term Collaboration
According to JoeBen Bevirt, founder and CEO of Joby Aviation, this new round of investments solidifies a collaboration that has lasted nearly seven years between the two companies.
Toyota has been a crucial partner in the development of Joby’s air taxis, contributing its knowledge and support in various areas.
This partnership began in 2019, when Toyota Ventures, Toyota’s venture capital arm, made its first investment in Joby. Since then, Toyota has invested not only financially but also with human capital and engineering know-how.
Toyota has been one of the main driving forces behind Joby’s success, sharing its expertise in the Toyota Production System (TPS), process planning, manufacturing method development, and tool design. Toyota engineers work closely with the Joby team in California, actively contributing to the development and improvement of the company’s electric air vehicles.
Progress of Joby Aviation
In recent months, Joby Aviation has made significant advances towards the commercialization of its electric air taxis.
The company recently launched its third aircraft in the pilot production line in Marina, California, and began construction on a new facility that will expand its manufacturing capacity, doubling its current structure.
Additionally, Joby has made considerable progress in the type certification process, one of the essential requirements for commercial launch. In August 2024, the company confirmed that the fourth of five phases of the certification process was more than one-third completed.
This progress has been closely monitored by Toyota, which sees Joby as a strategic partner in the quest for sustainable air mobility solutions. Tetsuo “Ted” Ogawa, Chief Operating Officer of Toyota Motor Corporation, stated that Toyota is excited about the possibility of seeing Joby certify its aircraft and begin commercial production. For Toyota, air mobility could be a crucial answer to the persistent transportation challenges currently faced, especially in congested urban areas.
Air Mobility and Toyota’s Vision
Toyota’s additional investment reflects the company’s long-term vision to transform itself from a car manufacturer into a mobility company, a dream that dates back to founder Kiichiro Toyoda and is continued by current president, Akio Toyoda.
The company believes that personal air mobility will be a central element in the future of transportation, and sees Joby as a fundamental part of that transformation.
Since the beginning of the partnership, Toyota has demonstrated its commitment to Joby’s air mobility vision, not only with financial contributions but also by providing key components for the development of the company’s vehicles.
In 2023, the companies entered into a long-term agreement for Toyota to supply critical propulsion and actuation system components for Joby’s aircraft production.
Toyota’s investment in Joby Aviation is a clear example of how the automotive giant is diversifying its investments in sustainable mobility, expanding its operations beyond automobiles. The partnership between the two companies aims to accelerate the development of electric air taxis, which could revolutionize passenger transport in the near future.
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