Toyota to Invest $500 Million in Joby Aviation

Toyota Motor Corporation's additional investment in Joby Aviation will support certification and commercial production of the company's electric air taxi By Joe Macey / 09 Oct 2024
Toyota invests $500 million in Joby
Follow AAMi

Toyota Motor Corporation will invest an additional $500 million in Joby Aviation to support the certification and commercial production of the company’s electric air taxi.

The investment, which will be made in two equal tranches, is subject to standard regulatory approvals and certain other conditions, finalization of collaborative and commercial agreements and, with respect to the second tranche, the finalization of terms related to a strategic alliance focused on commercial manufacturing and certain other conditions.

The investment, which will bring Toyota Motor Corporation’s total investment in Joby to $894 million, will be made in the form of cash for common stock, with the first tranche targeted to close later this year and the second in 2025. Further details of the investment are available via the companies’ regulatory filings with the SEC.

JoeBen Bevirt, Joby Aviation Founder and CEO, said; “Today’s investment builds on nearly seven years of collaboration between our companies. The knowledge and support shared by Toyota has been instrumental in Joby’s success and we look forward to deepening our relationship as we deliver on our shared vision for the future of air travel.”

Joby continues to make important progress towards commercialization, recently rolling its third aircraft off its pilot production line in Marina, California, and breaking ground on an expanded facility in California that will more than double the Company’s manufacturing footprint. In August 2024, it confirmed that the fourth of five stages of the type certification process is now more than one-third complete on the Joby side.

Tetsuo “Ted” Ogawa, who signed the agreement as the Operating Officer on behalf of Toyota Motor Corporation, said; “With this additional investment, we are excited to see Joby certify their aircraft and shift to commercial production.

“We share Joby’s view that sustainable flight will be central to alleviating today’s persistent mobility challenges.”

Toyota’s additional investment reflects the continued aim of Toyota Motor Corporation’s founding family, starting with Kiichiro Toyoda down to present-day Chairman Akio Toyoda, to realize the dream of air mobility for personal or daily travel as part of its transformation into a mobility company.

Since 2019, in addition to monetary investments, Toyota has been investing time and human resources to share its knowledge of the Toyota Production System via process planning, manufacturing method development, and tooling design. Toyota engineers now work side-by-side with the Joby team in California, and, in 2023, the two companies signed a long-term agreement for Toyota to supply key powertrain and actuation components for the production of Joby’s aircraft.

Toyota’s relationship with Joby began through an initial investment made by Toyota Ventures, the early-stage venture capital arm of Toyota that explores and identifies disruptive technologies and companies for investment opportunities and provides support for portfolio companies. Toyota Motor Corporation subsequently completed investments totaling $394 million.

Posted by Joe Macey Edited by Joseph Macey, Editor and Copywriter and experienced journalist with an active interest in advanced air mobility. Connect & Contact

Latest Articles

LYNEports Collaborates to Accelerate Sustainable UAM Solutions Worldwide

LYNEports is partnering with Eyrie Aero and ELSA Industry to accelerate worldwide UAM through AI-driven vertiport planning, green hydrogen integration, and scalable eVTOL infrastructure solutions

Jul 11, 2025
Flying Car Owners to Gain Access to New Pilot Training Program

Samson Sky has revealed plans for a pilot training program for Switchblade Flying Car customers and those who just want to earn their 'wings'

Jul 10, 2025
ARC Aerosystems Partnership to Accelerate VTOL Introduction in Japan

AirMobility and ARC Aerosystems have signed an MoU, collaborating to expand ARC’s VTOL aircraft, including the Pegasus 3, and AAM solutions in Japan

Jul 08, 2025
Archer Completes Initial Midnight eVTOL Flight in Abu Dhabi

Archer has launched flight testing of its Midnight eVTOL in Abu Dhabi, advancing certification efforts and preparing for commercial air taxi services in the UAE

Jul 07, 2025
SkyDrive Raises Major Funding to Strengthen eVTOL Certification & Development Efforts

SkyDrive has raised ¥8.3 billion in Pre-Series D funding, led by MUFG Bank and major transport firms, to advance its SD-05 eVTOL aircraft certification

Jul 07, 2025
Skyfly Completes First Airfield-to-Airfield eVTOL Flight in Europe

Skyfly Technologies has completed what is reportedly Europe’s first airfield-to-airfield eVTOL flight using its Axe prototype, flying from Turweston to Bicester and back in a round trip

Jul 04, 2025