Toyota Invests $500 Million in Joby Aviation's eVTOL Development
Toyota Enhances eVTOL Development with $500 Million Investment
Joby Aviation, a leader in eVTOL technology, recently announced a landmark investment from Toyota. This additional funding, valued at $500 million, will bolster Joby's ongoing development of electric vertical takeoff and landing aircraft.
Investment Details and Strategic Support
The investment marks Toyota's continued commitment, bringing its total into Joby to $894 million. This establishes Toyota as the predominant shareholder in the innovative aviation firm. The financing will support Joby as it navigates the last stages of the certification process
Future Plans and Production Expansion
- Toyota will disburse the funds in two installments of $250 million.
- Joby plans to transition aircraft production to a new facility in Dayton, Ohio.
- The move aims to promote large-scale production of its eVTOL aircraft.
With its headquarters in Marina, California, Joby is poised for a significant expansion in its manufacturing capabilities, aided by Toyota's strategic support. This partnership emphasizes the growing importance of eVTOL technologies in future urban air mobility solutions.
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