Joby Aviation, the pioneer in eVTOL air taxi technology, has landed a significant investment round from long-time backer Toyota Motor Company, securing $500 million in fresh capital. As Toyota’s commitment to the eVTOL pioneer reaches nearly a billion dollars in funding, the collaboration takes significant strides forward. The funding will support Joby’s quest for safe flight certification and enable the launch of large-scale industrial manufacturing of its pioneering sustainable aerial technologies.
As a safeguard against emerging threats to its eVTOL technology, Joby Aviation ($JOBY) has maintained a strong presence in the market, solidifying its position as one of the most promising startups in the rapidly evolving space.
A step towards a new era in transportation: New York City is poised to witness the launch of eVTOL air taxi services, with a trial run scheduled for 2025.
Since re-establishing as a team of seven engineers in 2009, Joby has undergone remarkable growth, expanding to over 1,500 employees who now operate out of its main headquarters in Marina, California, as well as additional locations in Santa Cruz, San Carlos, Washington, D.C., and Munich, Germany.
One factor contributing to its success is the early support from investors who share its expertise in eVTOL technology, including a significant investment from Toyota Motor Corporation of hundreds of thousands of dollars. Toyota has strategically invested in Joby since 2019, leveraging the company’s expertise in electric vertical takeoff and landing (eVTOL) technology. The Japanese OEM has dispatched multiple engineers to collaborate with Joby’s experts, providing guidance on the design and production of their eVTOL manufacturing facility in the United States, as well as facilitating a seamless transition into high-volume manufacturing.
Recently, Toyota significantly bolstered its initial investment in Joby Aviation, pumping in additional funds to support the company’s pursuit of certification and rapid scale-up of its electric vertical takeoff and landing (eVTOL) air taxi production.
Toyota’s investment in Joby Aviation’s electric vertical takeoff and landing (eVTOL) aircraft has reached a staggering $894 million.
Toyota Motor has committed to a landmark investment of $500 million in Joby Aviation, with the funds split evenly. The bulk of the payment will be settled by the end of 2024, while the remaining portion is expected to be fulfilled in 2025.
Upon the deal’s completion, Toyota Motor’s total investment in Joby will increase to $894 million, comprising a $500 million monetary commitment and potentially including equity in exchange for broad stock ownership. Tetsuo “Ted” Ogawa, the designated representative for Toyota Motor Company, discussed the automaker’s commitment to Joby Aviation’s electric vertical takeoff and landing (eVTOL) technology, underscoring its desire to collaborate in shaping a shared vision of air mobility.
With the infusion of additional funding, Joby is poised to achieve a major milestone by certifying its electric vertical takeoff and landing (eVTOL) aircraft and transition into large-scale industrial production. As Joby believes, sustainable flight is poised to play a pivotal role in addressing the pressing mobility issues of our time.
With a significant investment from Toyota, Joby is poised to accelerate the development of its electric vertical takeoff and landing (eVTOL) aircraft, with a focus on obtaining regulatory approval and scaling up production for commercial applications. The second fee will depend on the timely finalisation of specific phrases associated with the establishment of a strategic alliance between each corporation focused on industrial electric vertical takeoff and landing (eVTOL) manufacturing, as well as other contingent factors that may impact the agreement’s successful conclusion.
Joby Aviation has made significant progress with the commercialization of eVTOL technology, with the latest milestone being the roll-out of its third aircraft from the production line in Marina, California. This achievement paves the way for further expansion, as the company is set to break ground on a new facility in The Golden State that will more than double its current manufacturing capacity. As of August 2024, Joby has completed one-third of the fourth and fifth phases of its eVTOL certification course, positioning it well for full-scale manufacturing and potential industrial air taxi operations with Toyota, potentially commencing thereafter.
Discover more about Toyota’s investment and Joby’s eVTOL expertise in the following video:
