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Toyota is reduplicate down on Joby Aviation with a $ 500 million investment into the California - base party that ’s develop electric air taxis . Toyota ’s full investment in Joby , which includes a$394 millioncapital injectant back in 2020 , is now $ 894 million .
The funds will be used to facilitate Joby complete the lengthy Type 2 certification process with the Federal Aviation Administration and support commercial-grade production of its electric vertical takeoff and landing aircraft . Joby is in the fourth of five stage of the type documentation and direct to plunge a commercial air taxi business in 2025 . The company also latterly roll its third aircraft off its pilot production line in Marina , California , and erupt dry land on an expanded facility in California that will more than reduplicate its fabrication footprint .
The companies said the investment will be made in two equal tranche in the mannequin of cash for plebeian stock . The first amount is expected to close later this year and the second in 2025 .
Joby , which was founded in 2009 by JoeBen Bevirt , has been working for more than a decade to acquire , certify and bring about an eVTOL aircraft that will be used as a commercial cab service of process in city . Joby has become more visible in the retiring five geezerhood as it made progress on its eVTOL exploitation and made high - visibility financial moves .
In 2020,Joby acquired Uber ’s air travel taxi moonshot Elevateas part of a complex deal . Under the terms , Uber offload Elevate to Joby Aviation and invested $ 75 million into the inauguration . The two company also expanded an existing partnership . A year later , Joby announced plan tobecome a public companythrough a fusion with Reinvent Technology Partners , a special intent acquisition company from well - known investor and LinkedIn co - founding father Reid Hoffman and Zynga founder Mark Pincus .
The company also benefit a number of backer along the elbow room — notably Toyota , which made its first investment into Joby via its the early - degree venture capital subdivision Toyota Ventures .
Toyota has invested more than just cash into Joby . Since 2019 , the carmaker has shared with Joby the inner workings of the Toyota Production System that covers the planning , acquire a manufacture method and tool design . Toyota engineers now work side - by - side with the Joby team in California , harmonise to the two companies . In 2023 , the companies signed a long - term concord for Toyota to furnish key powertrain and actuation components for the output of Joby ’s aircraft .
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“ Today ’s investment make on nearly seven years of collaboration between our companies , ” Bevirt said in a statement . “ The knowledge and support shared by Toyota has been instrumental in Joby ’s succeeder and we look forward to heighten our relationship as we fork out on our shared visual sensation for the future of air travel . ”
