Toyota Invests $500 Million in Joby Aviation for Electric Air Taxis

The investment aims to support Joby's certification and production of electric vertical takeoff and landing aircraft for commercial use.

Toyota's latest investment brings its total stake in Joby Aviation to $894 million, making it the largest external shareholder.
The funding will be delivered in two equal tranches, with the first expected to close by the end of 2024 and the second in 2025.
Joby Aviation is in the fourth stage of the FAA's five-stage type certification process, aiming to launch commercial air taxi services in 2025.
Toyota has been collaborating with Joby since 2019, providing manufacturing expertise and components for the eVTOL aircraft.
Joby plans to expand its manufacturing capacity in California and has recently completed its third aircraft, with plans to produce more than 500 aircraft annually.