Accordingly, this investment of 500 million USD will be used to support Joby company in the process of obtaining certification from regulatory agencies, as well as preparing for the production and provision of commercial electric flying taxi services.
This is not the first time Toyota has invested in Joby Aviation, as Toyota invested $394 million in the company in 2020.This new investment will be part of a strategic cooperation agreement between the two companies, aimed at developing and commercializing Joby products.
Toyota will invest through buying common shares of Joby.The investment is also divided into two phases: The first phase will end at the end of 2024 and the second phase will take place in 2025.
Joby's side said that they continue to commercialize and make efforts to bring their products to the market, as well as achieve the necessary certifications to operate.In addition, the company is also expanding its California production facility to meet growth demand.
Mr. Ted Ogawa - CEO of Toyota Motor North America said that the company agrees with Joby's view that sustainable transportation methods such as electric flying taxis will play an important role in solving current mobility problems.This shows Toyota's trust and support in Joby and the future of the electricity transportation industry.Currently, Toyota is Joby's largest shareholder.
Toyota engineers are also working alongside Jobys team in California.The two companies previously signed a long-term deal in 2023 for Toyota to supply powertrains and other critical components to Joby's aircraft.
