Toyota invests in air taxis
Toyota Motor Corporation has announced it is investing an additional US$500 million (NZ$825m) in Joby Aviation, a company developing electric air taxis for commercial passenger service.
The investment will be made in two equal tranches and will support the certification and commercial production of Joby's electric air taxi, with the aim of realising the companies’ shared vision of air mobility.
It will take Toyota’s total investment in Joby to US$894m after nearly seven years of collaboration between the firms.
JoeBen Bevirt, founder and chief executive officer of Joby, says: “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’s progress towards commercialisation has included the recent completion of the third aircraft off its pilot production line in California and breaking ground on an expanded facility that will more than double its manufacturing footprint.
Tetsuo “Ted” Ogawa, who signed the investment agreement as operating officer on behalf of Toyota Motor Corporation, says the company is excited about Joby’s shift to commercial production
“We share Joby's view that sustainable flight will be central to alleviating today’s persistent mobility challenges,” he adds.
Toyota engineers work side-by-side with the Joby team in California and, in 2023, the two companies signed a long-term agreement for the carmaker to supply key powertrain and actuation components for the production of Joby's aircraft.
