On Wednesday, Toyota Motor Corporation and Joby Aviation, Inc. announced that Toyota will invest an additional $500 million in Joby. This money will be used to “support the certification and commercial production of Joby’s electric air taxi, with the aim of realizing the two companies’ shared vision of air mobility,” said a media release. “With this additional investment, we are excited to see Joby certify their aircraft and shift to commercial production,” said Tetsuo “Ted” Ogawa, who signed the agreement as the operating officer on behalf of Toyota Motor Corporation. “We share Joby’s view that sustainable flight will be central to alleviating today’s persistent mobility challenges.”The investment will be made in two equal parts, one part will be made later in 2024 and the second one will be made in 2025. This brings the total investment of Toyota in Joby to $894 million. The investment will be made in the form of cash for common stock. Recently, Joby rolled out its third aircraft off its pilot production line in Marina. They also broke ground on their expanded facility. “Today’s investment builds on nearly seven years of collaboration between our companies,” said JoeBen Bevirt, founder and CEO, Joby Aviation. “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.”
On Wednesday, Toyota Motor Corporation and Joby Aviation, Inc. announced that Toyota will invest an additional $500 million in Joby.
This money will be used to “support the certification and commercial production of Joby’s electric air taxi, with the aim of realizing the two companies’ shared vision of air mobility,” said a media release.
“With this additional investment, we are excited to see Joby certify their aircraft and shift to commercial production,” said Tetsuo “Ted” Ogawa, who signed the agreement as the operating officer on behalf of Toyota Motor Corporation. “We share Joby’s view that sustainable flight will be central to alleviating today’s persistent mobility challenges.”
The investment will be made in two equal parts, one part will be made later in 2024 and the second one will be made in 2025. This brings the total investment of Toyota in Joby to $894 million.
The investment will be made in the form of cash for common stock.
Recently, Joby rolled out its third aircraft off its pilot production line in Marina. They also broke ground on their expanded facility.
“Today’s investment builds on nearly seven years of collaboration between our companies,” said JoeBen Bevirt, founder and CEO, Joby Aviation. “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.”
Read More: Toyota investing additional $500 million in Joby Aviation
