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Toyota Invests $500 Million into Electric Air Taxi Manufactuer Joby Aviation

Toyota Invests $500 Million into Electric Air Taxi Manufactuer Joby Aviation

BY JOE GVORA Published on October 02, 2024 0 COMMENTS

 

Photo: Joby eVTOL 


The acclaimed Japanese automobile manufacturer made another power play into aviation. Toyota is slated to invest a significant amount of money into a California-based startup towards the production of electric-powered air taxis.

 

Toyota Adds Some Spark

 



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American electric vehicle company Joby Aviation, Inc. has announced in a press release that the Toyota Motor Corporation is pledging $500 million. This money will primarily go into the production of new electric vertical takeoff and landing (VTOL) aircraft. The press release cites that both companies share a mutual interest in the direction air mobility should go in the future.

 

To make the deal official, Toyota President and CEO Ted Ogawa and Joby CEO Joe Ben Bevirt met at Toyota's North American headquarters in Plano, Texas to formally sign an agreement in front of members of the media.

 

The $500 million investment will consist of "two equal tranches". The first tranche will come later this year, while the second will take place at some point in 2025.

 

Toyota has already invested hundreds of millions into Joby last year towards the supply of powertrains and other components. Ogawa also joined the company's Board of Directors on July 1, 2023 . The press release states that Toyota's total investment in Joby will increase to $894 million with this new development.