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, having invested $394 million in the company in 2020.The new investment will be part of a strategic partnership between the two companies, aimed at developing and commercializing Joby products.
Toyota will invest by purchasing common stock in Joby.The investment will also be divided into two tranches: the first tranche will close by the end of 2024 and the second tranche will take place in 2025.
Joby said it continues to move toward commercialization and is working to bring its products to market and obtain the necessary certifications to operate.In addition, the company is also expanding its manufacturing facility in California to meet growing demand.
Ted Ogawa, CEO of Toyota Motor North America, said that the company agrees with Joby's view that sustainable modes of transportation, such as electric air taxis, will play a key role in solving today's mobility problems.This shows Toyota's confidence and support for Joby and the future of electric mobility.Toyota is currently Joby's largest shareholder.
Toyota engineers are also working with Joby's team in California.Earlier, in 2023, the two companies signed a long-term agreement for Toyota to supply powertrain components and other key components for Joby's aircraft.
