eVTOL air taxi developer Joby Aviation has received new funding from previous investor Toyota Motor Corporation, amounting to $500 million. With its investment, Toyota's total funding commitment to eVTOL technology is close to $1 billion. The money will help Joby secure an aircraft certificate and begin commercial production of its sustainable aerial technology.
In terms of our coverage of the electric vertical take-off (eVTOL) aircraft, Joby Aviation ($JOBY) holds the lead as it remains one of the most promising startups in a rapidly expanding segment.
Part of previous predictions included Joby's first flight with a pilot in October 2023, which quickly led to at a show in New York City ahead of full eVTOL air taxi operation planned for sometime in 2025.
Since starting as a small team of seven engineers back in 2009, Joby has grown to over 1,500 employees working at its headquarters in Marina, California, with additional offices in Santa Cruz, San Carlos, Washington, DC, and Munich, Germany.
Part of its success is early believers in its eVTOL technology, which has invested hundreds of millions in funding, including Toyota Motor Corporation. Since 2019, Toyota has been making strategic investments in Joby and its eVTOL technology. The Japanese OEM even brought out a number of its engineers to work alongside Joby's engineers to help the airline determine the eVTOL factory layout and manufacturing processes and prepare for high-volume production in the US.
Recently, Toyota nearly doubled its previous investment in Joby Aviation to help the company achieve certification and mass production of its eVTOL taxis.
Toyota's investment in VTOL jobs totals $894 million
According to a recent release from Joby Aviation, Toyota Motor has committed to a new investment of $500 million which will be divided into two equal parts. The first part of the payment is intended to be closed before the end of 2024, and the second will follow in 2025.
Once completed, the $500 million financial commitment will bring Toyota Motor's total investment in Joby to $894 million and will include cash in exchange for common stock. Tetsuo “Ted” Ogawa (seen above), the chief operating officer who signed the deal on behalf of Toyota Motor Corporation, spoke of the automaker's faith in Joby's eVTOL technology and its desire to help contribute to a “common vision of air travel.”
With this additional investment, we are excited to see Joby certify their aircraft and transition to commercial production. We share Joby's vision that sustainable aviation will be at the heart of alleviating today's ongoing travel challenges.
Toyota's funding will help Joby in its ongoing pursuit of flight certification and commercial production of its electric taxis. The second payment, in particular, will depend on the finalization of terms related to the strategic alliance between the two companies focused on the production of commercial eVTOL and other conditions.
In terms of commercial eVTOL, Joby headway and recently rolled its third aircraft off its pilot production line in Marina, California, before breaking ground on a new expanded facility in The Golden State that will more than double its current production. As of August 2024, Joby had completed 1/3 of the fourth and fifth stages of the certification process before full-scale eVTOL production and commercial air taxi operations with Toyota began.
You can learn more about Toyota's investment and Joby's eVTOL technology in the video below:
FTC: We use auto affiliate links to earn income. More.
