Toyota puts another $500 million into an air taxi startup Joby
Toyota is betting big on air taxis. | Image: Toyota
Toyota is investing another $500 million into Joby Aviation to support the air taxi startup’s certification and commercial production of electric VTOL (vertical takeoff and landing) aircrafts for use in a ride-hailing service. The automaker has now invested a total of $894 million since 2018.
Toyota’s investment will come in the form of two $250 million tranches, the first of which will be completed this year, and the second in 2025. The automaker also will establish a manufacturing alliance with Joby for the first commercialization phase. The companies had signed an agreement in 2023 to let Toyota make powertrain components for Joby’s air taxi.
Joby Aviation is based in California and is run by JoeBen Brevirt, who started the company…