Toyota Motor Corporation (Toyota) and Joby Aviation, Inc. (Joby), a company developing electric air taxis for commercial passenger transport, have announced Toyota’s investment of an additional $500 million to support the certification and commercial production of Joby’s electric air taxis. This investment underscores the shared vision of both companies for the future of air mobility.
The investment, which will be made in two equal installments, is subject to standard regulatory approvals and certain additional conditions, the finalization of commercial and collaboration agreements, while the second stage will involve the finalization of terms related to a strategic alliance focused on commercial production and certain additional conditions. Toyota Motor Corporation’s investment in Joby, which will total $894 million, will be made in the form of cash for common stock. The first stage of this investment is expected to conclude by the end of this year, with the second stage taking place in 2025. Further details on the investment can be found in the company’s regulatory filings provided to the Securities and Exchange Commission (SEC).
“This investment builds upon nearly seven years of collaboration between our companies,” said JoeBen Bevirt, founder and CEO of Joby Aviation. “The knowledge and support provided by Toyota has been instrumental in Joby’s success, and we look forward to deepening our relationships as we bring our shared vision for the future of air transportation to life.”
Joby continues to make significant progress toward commercialization, with the recent launch of its third aircraft from its pilot production line in Marina, California, and the start of construction of an expanded facility in California that will more than double the company’s manufacturing capacity. In August 2024, Joby confirmed that the fourth stage, out of five, of the type certification process was more than one-third complete.
“With this additional investment, we are excited to see Joby aircraft certified and transition to commercial production,” said Tetsuo “Ted” Ogawa, who signed the agreement on behalf of Toyota Motor Corporation as the Chief Operating Officer. “We share Joby’s vision of the importance of sustainable flight to reduce the ongoing challenges of today’s mobility.”
Toyota’s additional investments reflect the ongoing goal of the founding family of Toyota Motor Corporation, starting with Kiichiro Toyoda and continuing with Akio Toyoda, the current president of the company, to materialize the dream of air mobility for personal or daily transportation as part of its transformation into a mobility company. Since 2019, in addition to monetary investments, Toyota has been dedicating time and human resources to share its knowledge of the Toyota Production System through process planning, manufacturing method development, and tool design. Now, Toyota engineers are working alongside Joby’s team in California, and, in 2023, both companies signed a long-term agreement for Toyota to supply the main powertrain and drive components for the production of Joby’s aircraft.
Toyota’s relationship with Joby began through an initial investment made by Toyota Ventures, Toyota’s early-stage venture capital arm dedicated to exploring and identifying innovative technologies and companies for investment opportunities and providing support for portfolio companies. Toyota Motor Corporation subsequently completed investments totaling $394 million.
The shares to be sold in the investment have not been registered, nor will they be registered, under the Securities Act of 1933, as amended (“Securities Act”), or under the securities laws of any state or other applicable jurisdiction, and may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and the applicable securities laws of any state or other jurisdiction. This press release does not constitute an offer to sell or a solicitation of an offer to buy these securities, and no sale of these securities shall be made in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. Photos of the signing ceremony and related video content, including interviews with JoeBen Bevirt and Tetsuo “Ted” Ogawa are available at this link.
About Joby
Joby Aviation, Inc. (NYSE: JOBY) is a California-based transportation company developing all-electric, vertical takeoff and landing air taxis, which it intends to operate as part of a fast, quiet and convenient service in multiple cities around the world. For more information, visit www.jobyaviation.com.
About Toyota
Toyota (NYSE: TM), creator of the Prius hybrid and Mirai fuel cell vehicle, is committed to building vehicles for the way people live through our Toyota and Lexus brands, and employs directly over 63,000 people in North America (over 49,000 in the U.S.). In the last 65 years, Toyota has built nearly 47 million cars and trucks in North America at the company’s 12 manufacturing plants. In 2025, the company’s 13th plant in North Carolina will begin producing automotive batteries for electrified vehicles. Through our more than 1,800 North American dealerships (nearly 1,500 in the U.S.), Toyota sold over 2.6 million cars and trucks (over 2.2 million in the U.S.) in 2023, of which more than a quarter were electrified vehicles (battery-electric, hybrid, plug-in hybrid and fuel cell). For more information about Toyota, visit www.ToyotaNewsroom.com.
