Joby Aviation receives major funding from Toyota to support development of electric air taxi service.
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| Electric air taxi company Joby Aviation receives significant funding boost from Toyota. Symbolic Image |
Santa Cruz, California, USA – October 2, 2024:
Toyota Motor Corporation and Joby Aviation, a leading developer of electric air taxis, announced today a significant expansion of their partnership. Toyota will invest an additional $500 million to support Joby's efforts to certify and commercially produce its electric air taxi, further solidifying their shared vision for the future of air mobility.
This investment, which will bring Toyota's total investment in Joby to $894 million, is a testament to the strong collaboration between the two companies. The funds will be used to accelerate Joby's progress towards commercialization, including the completion of type certification and the expansion of manufacturing capabilities.
Joby has made substantial strides in recent months, successfully rolling out its third aircraft from its pilot production line in Marina, California, and breaking ground on a new facility that will significantly increase its manufacturing capacity. The company is also making steady progress towards completing the type certification process, with over one-third of the final stage already completed.
"This additional investment from Toyota is a major milestone for Joby," said JoeBen Bevirt, founder and CEO of Joby Aviation. "Toyota's continued support and expertise have been invaluable, and we are excited to deepen our partnership as we bring our electric air taxi to market."
Tetsuo "Ted" Ogawa, Operating Officer at Toyota Motor Corporation, expressed his enthusiasm for the investment. "We believe that sustainable flight will play a crucial role in addressing today's mobility challenges," he said. "Joby's innovative technology and commitment to sustainability align perfectly with our vision."
Toyota's investment reflects the ongoing commitment of the Toyota family to realizing the dream of air mobility. This investment aligns with Toyota's broader transformation into a mobility company, focusing on developing sustainable and innovative transportation solutions.
Since their initial collaboration in 2019, Toyota and Joby have been working closely together to share knowledge, expertise, and resources. Toyota engineers have been actively involved in Joby's development efforts, contributing to process planning, manufacturing method development, and tooling design. Additionally, Toyota has agreed to supply key powertrain and actuation components for the production of Joby's aircraft.
This latest investment further strengthens the partnership between Toyota and Joby, positioning them as leaders in the development of electric air taxis. By combining Toyota's automotive expertise with Joby's aviation innovation, the two companies are poised to revolutionize urban transportation and create a more sustainable future.