Japanese automaker Toyota has invested another $US500 million ($A740 million) into Californian company Joby Aviation to to support the company’s development of electric air taxis.
Joby Aviation, founded in 2009, is developing an electric vertical take-off and landing (eVTOL) air taxi for commercial passenger service, with already 30,000 miles flown on full-scale prototypes.
The company also recently rolled its third aircraft off its Californian pilot production line and is breaking ground on an expanded facility that is expected to more than double its manufacturing footprint.
Joby announced in August that the fourth of five stages of the type certification process is more than one-third complete.
Image Credit: Joby Aviation
The two companies already have nearly seven years of collaboration between them, and with this latest round of investment brings the Japanese carmaker’s total investment in Joby up to $US894 million.
The new investment will be made in two equal tranches, subject to standard regulatory approvals and certain other conditions, finalisation of collaborative and commercial agreements and, as regards the second tranche, finalisation of terms related to a strategic alliance between the two companies which will be focused on commercial manufacturing and certain other conditions.
Joby is expected to use the funds to support the certification and commercial production of its eVTOL air taxi.
“With this additional investment, we are excited to see Joby certify their aircraft and shift to commercial production,” said Tetsuo “Ted” Ogawa, who signed the agreement as the Operating Officer on behalf of Toyota Motor Corporation.
“We share Joby’s view that sustainable flight will be central to alleviating today’s persistent mobility challenges.”
Toyota engineers are also working alongside the Joby team in California, and in 2023, the two companies signed a long-term agreement for Toyota to supply key powertrain and actuation components for the production of Joby’s eVTOL aircraft.
“Today’s investment builds on nearly seven years of collaboration between our companies,” said JoeBen Bevirt, founder and CEO of Joby Aviation.
“The knowledge and support shared by Toyota has been instrumental in Joby’s success and we look forward to deepening our relationship as we deliver on our shared vision for the future of air travel.”
Joshua S. Hill is a Melbourne-based journalist who has been writing about climate change, clean technology, and electric vehicles for over 15 years. He has been reporting on electric vehicles and clean technologies for Renew Economy and The Driven since 2012. His preferred mode of transport is his feet.