Toyota Motor on Wednesday said it will invest an additional USD 500 million in US-based Joby Aviation, a company developing electric air taxis for commercial passenger service. This brings total investment from Toyota in Joby to USD 894 million to date.
The additional investment will support the certification and commercial production of Joby’s electric air taxi, with the aim of realising their shared vision of air mobility. The investment will be made in two equal tranches, with the first targeted to close later this year and the second in 2025, said the automaker.
“With this additional investment, we are excited to see Joby certify their aircraft and shift to commercial production,” said Tetsuo Ogawa, who signed the agreement as the Operating Officer on behalf of Toyota. “We share Joby’s view that sustainable flight will be central to alleviating today’s persistent mobility challenges.”
The investment is subject to standard regulatory approvals. “Today’s investment builds on nearly seven years of collaboration between our companies,” said JoeBen Bevirt, founder and CEO, Joby Aviation.
The combined airline will now operate under a single code, IX, and has rapidly expanded its fleet to 88 aircraft, with plans to exceed 100 by the end of the financial year. Since its acquisition by the Tata Group in early 2022, Air India Express has expanded significantly, increasing its route network from 74 to 171 and boosting passenger numbers by over 400 per cent. The airline’s future focus will be on continued growth and enhancing the travel experience for its customers.
“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,” he added.Joby said it continues to make important progress towards commercialisation, recently rolling its third aircraft off its pilot production line in Marina, California, and breaking ground on an expanded facility in the US state that will more than double the company’s manufacturing footprint.
In August, it confirmed that the fourth of five stages of the type certification process is now more than one-third complete on the Joby side.
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 totalling USD 394 million.
