Joby Aviation has received a $500 million investment from Toyota Motor Corporation to bolster the production of electric air taxis for commercial service.
Job Aviation said it will use the funding will be used to help with the certification and commercial production of Joby’s electric air taxi, bringing both companies’ vision for air mobility a step closer.
“Today’s investment builds on nearly seven years of collaboration between our companies,” said JoeBen 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.”
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The investment will be made in two equal parts and brings Toyota’s total investment with Joby to $894 million.
In August, Joby shared it was partially through the fourth of five stages of certification.
“With this additional investment, we are excited to see Joby certify their aircraft and shift to commercial production,” said Tetsuo “Ted” Ogawa, CEO of Toyota Motor North America. “We share Joby’s view that sustainable flight will be central to alleviating today’s persistent mobility challenges.”
The news of the investment comes just months after Joby’s June acquisition of Xwing’s autonomy division in an effort to bolster its long-term aerial mobility accessibility vision. In February, Joby signed an agreement to launch air taxi services in Dubai in 2026, and in 2020, the company raised $590 million.
