Toyota is doubling down on its commitment to Joby Aviation, announcing a $500 million investment in the air taxi startup to accelerate the production and certification of eVTOL (electric vertical takeoff and landing) aircraft. This new funding brings Toyota’s total investment in Joby to an impressive $894 million since their partnership began in 2018.
The investment will be made in two parts: $250 million in 2024 and another $250 million in 2025. The deal also includes a manufacturing alliance between Toyota and Joby, as the automaker will play a key role in producing powertrain components for Joby’s innovative air taxis.
Joby’s all-electric aircraft, which seats five passengers, has captured the attention of the aviation world with its ability to take off vertically and travel up to 150 miles on a single charge. The eVTOL can reach speeds of 200 mph while being significantly quieter than traditional aircraft, making it an ideal solution for urban air mobility.
Joby has already performed test flights in New York City and plans to offer commercial air taxi services in major cities, including Los Angeles, by 2025. With Toyota’s continued investment, the dream of air taxis may soon be a reality, potentially revolutionizing the future of urban transportation.