According to Automotive News, on October 2, Toyota Motor Corporation and electric flying car startup Joby Aviation jointly announced that Toyota will invest an additional $500 million in Joby to support the ongoing certification of its electric vertical takeoff and landing aircraft and accelerate collaboration in commercial production.
Tetsuo "Ted" Ogawa, President and CEO of Toyota Motor North America, stated in a written statement, "With this additional investment, we look forward to seeing Joby certify their aircraft and move towards commercial production."
It is reported that Toyota's investment in Joby will be divided into two installments: the first is scheduled for this year, and the second will occur in 2025. With this, Toyota's total investment in Joby has reached $894 million. In January 2020, Joby announced it raised $590 million in Series C funding, with Toyota being a major investor contributing $394 million.
Toyota and Joby have been collaborating for nearly seven years. The companies stated that Joby has established a pilot production line in Marina, California, leveraging Toyota's manufacturing experience, and Toyota engineers are currently working alongside Joby's team. In 2023, they signed a long-term agreement for Toyota to provide key powertrain and propulsion components for Joby's aircraft.
Joby expects to have four aircraft conducting flight tests by the end of this year and is currently working on aircraft certification. This process is approved by the Federal Aviation Administration (FAA) and involves five stages. Joby has begun the fourth stage, which involves testing the aircraft.
Other automakers are making similar investments. In August, Stellantis reached a preliminary agreement with Archer Aviation, under which Stellantis will cover up to $370 million in labor-related costs to support Archer's production plans.
In January, Supernal, a subsidiary of Hyundai Motor Group, unveiled its S-A2 electric vertical takeoff and landing aircraft concept and plans to begin initial test flights of its electric flying taxi by the end of this year. Additionally, Mercedes-Benz and Geely are both investors in the German company Volocopter.
