Toyota Boosts Its Investment In Air Taxi Company Joby Aviation By Another $500 Million

Toyota is spending an additional $500 million on Joby Aviation as part of a collaboration to assist the American air taxi operator launch its commercial operations.

Toyota’s investment will help the certification and production of Joby’s electric air taxi, the firms announced Wednesday, bringing Toyota Motor Corporation’s total investment in Joby to $894 million. Toyota will possess around 22% of Joby’s outstanding shares following the investment, which will be made in two equal tranches later this year and next year.

Toyota Boosts Its Investment In Air Taxi Company Joby Aviation By Another $500 Million

“Today’s investment builds on nearly seven years of collaboration between our companies,” said Joe Ben Bevirt, founder and CEO of 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.”

Joby said it recently rolled off the production line with its third aircraft and that the fourth of five certifications was underway in August.

Toyota has invested time and human resources in sharing its design and manufacturing technologies, in addition to the cash. The Japanese manufacturer stated that its engineers are working with Joby’s staff at its California headquarters.

Toyota Boosts Its Investment In Air Taxi Company Joby Aviation By Another $500 Million

Last year, the businesses announced a long-term partnership in which Toyota will supply crucial powertrain and other components for Joby’s aircraft.

SOURCE | AP