Funding is being allocated in two equal tranches, with the initial tranche focusing on closing this year and the second in 2025. This funding will support certification and manufacturing efforts for Joby’s electric air taxi. The agreement includes plans to establish a production alliance for the first part of commercialization. This investment brings Toyota Motor Company’s total commitment to Joby to $894 million.
Toyota Motor Company’s Tetsuo “Ted” Ogawa, Working Officer, and Joby Aviation’s Founder and CEO JoeBen Bevirt further solidified their partnership as Toyota invested $500 million in Joby, commemorating the milestone with a formal signing ceremony at Toyota’s North American regional headquarters in Plano, Texas. Toyota Motor Company Picture
Toyota Motor Corporation (TM) and Joby Aviation Incorporated (Joby Aviation, Inc., NYSE: JOBY), a pioneer in developing electric vertical takeoff and landing (eVTOL) aircraft for business passenger transportation, has announced that Toyota Motor Corporation will invest an additional $500 million to support the certification and manufacturing of Joby’s eVTOL air taxis, aimed at realizing their shared vision of seamless air mobility.
The funding will be made in two equal installments, conditional upon straightforward regulatory approvals and satisfaction of specific circumstances, completion of collaborative and business agreements, and, for the second installment, conclusion of terms related to a strategic alliance focused on business development and other conditions. Toyota’s $894 million investment in Joby will be structured as a combination of cash and debt, with the initial tranche expected to close by year-end and the remainder in 2025. For further details on the funding, please refer to the relevant businesses’ Securities and Exchange Commission (SEC) filings.
“Building upon nearly a decade-long partnership with our firms, we’re proud to announce that today’s funding is the latest milestone in our ongoing collaboration,” said JoeBen Bevirt, founder and CEO of Joby Aviation. “The collaborative efforts between Toyota and Joby have been pivotal to their achievements, and we eagerly anticipate strengthening our partnership as we coalesce around a unified vision for the future of air travel.”
As Joby makes significant strides towards commercialization, it has successfully rolled out its third plane from its Marina, California-based pilot manufacturing line, while also commencing construction on a new, larger facility that will effectively double the company’s production capacity in the state of California. As of August 2024, the fourth phase of the Sort Certification Course on the Joby side has surpassed one-third completion milestone.
“With the additional funding in place, we’re looking forward to seeing Joby achieve certification for their aircraft and transition into mass production,” said Tetsuo “Ted” Ogawa, who signed the agreement as the Working Officer for Toyota Motor Company. “We concur with Joby’s perspective that sustainable aviation has the potential to effectively address the pressing mobility issues of our current era.”
As a testament to the enduring vision of its founders, from Kiichiro Toyoda to current Chairman Akio Toyoda, Toyota Motor Company has consistently pursued the dream of air mobility for personal or everyday travel as a key component of its transformation into a mobility company, with a recent injection of additional funding underscoring this commitment.
Since 2019, Toyota has leveraged its financial investments, as well as invested valuable time and expertise, by sharing its proprietary Toyota Manufacturing System data through strategic initiatives in planning, manufacturing methodology enhancements, and innovative tooling designs. Toyota engineers collaborate closely with Joby’s team in California, solidifying their partnership in 2023 through a long-term agreement under which Toyota will manufacture critical powertrain and actuation components for Joby’s aircraft production.
Toyota’s relationship with Joby began with an initial investment from Toyota Ventures, its early-stage venture capital arm, which seeks out and supports innovative technologies and companies through funding opportunities and portfolio firm development. With a significant investment of $394 million, Toyota Motor Company successfully achieved its objectives.
The shares to be acquired within the funding haven’t been, nor will they be, registered underneath the Securities Act of 1933, as amended, or any relevant jurisdiction’s securities laws, and are unlikely to be supplied or purchased in the US except under an effective registration statement or a relevant exemption from the registration requirements of the Securities Act and other jurisdictions’ securities laws. This press release does not constitute an offer to sell or a solicitation of an offer to buy these securities, and there will be no sale of those securities in any jurisdiction where such offering, solicitation or sale would be illegal prior to registration or qualification under the securities laws of that jurisdiction.
Joby Aviation, Inc. (NYSE:JOBY), a California-based innovator, is developing an all-electric, VTOL (vertical take-off and landing) air taxi designed for seamless integration into urban transportation networks worldwide, promising a revolutionary blend of speed, silence, and convenience. To study extra, go to .
Toyota, a leading manufacturer of the iconic Prius hybrid and Mirai gasoline cell automobile, is committed to building vehicles that meet the evolving needs of its customers through its Toyota and Lexus brands. The company directly employs more than 63,000 individuals in North America, with over 49,000 based in the United States alone.
Over the past 65 years, Toyota has manufactured nearly 47 million vehicles, including cars and vans, at its 12 North American production facilities. By 2025, the corporation’s thirteenth plant in North Carolina is expected to begin producing automotive batteries for electric vehicles.
Through its extensive network of over 1,800 North American dealerships, with almost 1,500 located within the United States, Toyota sold more than 2.6 million vehicles and vans in 2023, including over 2.2 million units in the US. Among these sales, multiple quarters featured electrified vehicles – encompassing full battery, hybrid, plug-in hybrid, and fuel cell models.
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