Toyota Motor Corporation is committing to sustainable air travel, investing an additional $500 million into Joby Aviation—an electric air taxi startup.
This brings Toyota’s total investment in Joby to $894 million, reinforcing their faith in the future of electric vertical takeoff and landing (eVTOL) aircraft.
The funding will help Joby finalize the FAA Type 2 certification and scale up commercial production for its commercial air taxi services, which are expected to launch in 2025.
This investment is more than just financial; Toyota has been collaborating with Joby since 2019, sharing its Toyota Production System to support efficient manufacturing. Toyota is also part of a long-term agreement to supply powertrain and actuation components for Joby.
Joby recently rolled out its third aircraft and is expanding its California-based facilities to double its production capacity. The company is well-positioned in the rapidly evolving eVTOL market, which could be a big solution for urban mobility.
Image courtesy of Joby Aviation.
