Toyota Doubles Down on Joby Aviation with $500M Investment for eVTOL Expansion
Toyota has deepened its commitment to the future of urban air mobility with a $500 million investment in Joby Aviation, the California-based pioneer in electric vertical takeoff and landing (eVTOL) aircraft. This latest funding brings Toyota’s total investment in Joby to $894 million, following its initial $394 million stake in 2020.
Strategic Funding for Certification and Production
The capital infusion will accelerate two critical initiatives:
- FAA Type Certification: Supporting Joby’s progress through the fourth of five certification stages
- Commercial Scaling: Enabling mass production of eVTOL aircraft for planned 2025 service launch
Joby recently achieved key manufacturing milestones:
✔ Delivered third production aircraft from Marina, CA facility
✔ Broke ground on expanded California plant (more than doubling capacity)
Investment Structure and Timeline
The $500 million will be delivered in two equal tranches:
- First installment closing late 2024
- Second installment expected in 2025
Both payments will be made as cash-for-common-stock transactions.
A Decade-Long Partnership with Toyota
Beyond financial backing, Toyota has provided:
- Manufacturing expertise: Shared Toyota Production System methodologies since 2019
- Engineering collaboration: Toyota engineers embedded with Joby teams in California
- Component supply: 2023 agreement for Toyota to provide critical powertrain parts
“This builds on seven years of collaboration,” said Joby founder JoeBen Bevirt. “Toyota’s support has been instrumental in our progress toward redefining urban air travel.”
Joby’s Strategic Growth Trajectory
Founded in 2009, Joby has emerged as an eVTOL industry leader through:
- Strategic acquisitions: Purchased Uber’s Elevate air taxi division in 2020
- Public listing: Went public via SPAC merger in 2021 (Reinvent Technology Partners)
- Regulatory progress: Advanced through 80% of FAA certification process
With this new funding and Toyota’s continued support, Joby positions itself at the forefront of the emerging urban air mobility market, targeting commercial operations by 2025.
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