Toyota’s Major Investment in Air Taxi Technology with Joby Aviation

Toyota’s Funding Journey with Joby Aviation

Toyota is investing another $500 million in Joby Aviation to support the air taxi startup’s certification and commercial production of eVTOL (electric vertical takeoff and landing) aircraft for use in a ride-hailing service.

This latest round brings Toyota's total investment in Joby to $894 million since 2018. The investment will be released in two $250 million tranches, with the first phase set for this year and the second in 2025.

Alliance Formation and Manufacturing

In addition to financial support, Toyota will establish a manufacturing alliance with Joby during the initial commercialization phase. This follows their previous agreement in 2023, allowing Toyota to manufacture powertrain components for Joby's air taxi.

About Joby Aviation

Founded by JoeBen Bevirt in 2009, the California-based company gained traction after securing a $100 million investment round in 2018, with notable contributions from companies like Intel and JetBlue.

Joby's all-electric aircraft features six rotors and can carry five occupants, including the pilot. The aircraft can take off vertically and transition into forward flight using tilt rotors, allowing it to reach a top speed of 200 mph and travel 150 miles on a single charge.

Future Prospects

Joby anticipates commercial passenger flights in major cities such as New York City and Los Angeles by 2025, building momentum for urban air mobility.