Toyota Motor Corporation is set to invest an additional $500 million in Joby Aviation, a company focused on developing electric air taxis for commercial passenger use. This investment will support the certification and commercial production of Joby’s electric air taxis, furthering the companies’ shared goal of advancing air mobility.
The investment, to be made in two equal instalments, is subject to regulatory approval and certain conditions. The first tranche is expected to be finalised later this year, while the second is anticipated to close in 2025, contingent on a strategic alliance focused on commercial manufacturing. Toyota’s total investment in Joby will increase to $894 million following these contributions. The companies have filed further details with the SEC.
“Today’s investment builds on nearly seven years of collaboration between our companies,” said JoeBen Bevirt, founder and CEO, Joby Aviation. “The knowledge and support shared by Toyota have 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.”
Joby is progressing towards commercialising its electric aircraft, having recently rolled out its third aircraft from its production line in Marina, California. Additionally, the company is expanding its manufacturing capabilities, with a new facility under construction in California. In August 2024, Joby confirmed that it had completed more than one-third of the fourth of five stages required for aircraft certification.
Tetsuo “Ted” Ogawa, Operating Officer for Toyota Motor Corporation, expressed enthusiasm about the partnership. “With this additional investment, we are excited to see Joby certify their aircraft and shift to commercial production. We share Joby’s view that sustainable flight will be central to alleviating today’s persistent mobility challenges.”
Toyota’s ongoing investment aligns with its broader goal of becoming a mobility company, a vision championed by its founding family and current Chairman, Akio Toyoda. Since 2019, Toyota has not only invested financially in Joby but also contributed its expertise in manufacturing processes. Toyota engineers work closely with Joby’s team in California, and the companies have a long-term agreement for Toyota to supply key components for Joby’s aircraft.
Malaysian defense company, Deftech, displayed a range of unmanned aerial vehicles (UAVs) intheir booth during the DSA 2022 expo. The…
Airbus has performed a first A380 flight powered by 100% Sustainable Aviation Fuel (SAF). Airbus’ A380 test aircraft MSN 1…
Cargojet has entered into a five-year strategic agreement with DHL, with a renewal option for an additional two years, to…
The Icelandic airline Eagle Air and the German aircraft manufacturer Deutsche Aircraft have announced a renewal of their support contract…
Hindustan Aeronautics Limited (HAL) has signed an Memorandum of Understanding (MoU) with UPNM Malaysia for collaboration and training of faculty…
Meopta is displaying a wide range of military-grade optical gun sights, scopes, and night vision equipment at the Defense Services…
After signing a Memorandum of Understanding (MoU) with Malaysia’s G7 Aerospace at DSA 2022 event on Monday (Mar. 28), Infoglobal…
Insight Atlantic, a Malaysian defense equipment supplier, is displaying a range of made-in Germany, Lowa tactical footwear in its booth…
PAL Aerospace and Thales have signed an agreement to jointly develop the next generation of mission system during the DSA…
Airod Techno Power (ATP) signed a Memorandum of Understanding (MoU) with Honeywell International to provide Maintenance, Repair, and Overhaul (MRO)…
Advanced Defence Systems (ADS) has signed an MoU with Nexter on the third day of the DSA 2022 event, Wednesday…
In a public announcement released by the Malaysian Ministry of Defence (MINDEF) on Wednesday (Mar. 30), there have been 54…
Sikorsky and Boeing on Thursday announced six new members, including Magnaghi Aeronautica and Collins Aerospace, of Team DEFIANT. The suppliers…
MA Group will provide the fully integrated landing gear system for the DEFIANT X helicopter, consisting of the nose and…
After spending about US$7.4 million on the project, the Australian government has cancelled its Project Air 7003, a program that…
AerCap has signed lease agreements for ten new Airbus A320neo aircraft and two new Airbus A330neo aircraft with ITA Airways.…
A routine service test for an Emirates Airbus A380 aircraft on April 1 has ended with a surprising result. …
Malaysia-based DefTech and Iveco Defence Vehicles are joining hands to establish an authorised MRO centre for Iveco Defence Vehicles trucks…
General Atomics-Aeronautical Systems, Inc. (GA-ASI) has begun the first installation of factory upgrades to a Gray Eagle-Extended Range (GE-ER) Unmanned…
FL Technics has launched a dedicated business line for wheels and brakes maintenance and opened a specialized shop at the…
ScioTeq has launched RDU-4208 LAD, its new full redundant Large Area Display (LAD) that can be deployed in new cockpits…
Etihad Airways, on March 31st., 2022, unveiled its new Airbus A350-1000, registration A6-XWB, on a special inaugural commercial flight from…
RGA-Black Stone Airlines, a newcomer in the Indonesian aviation business, officially started its business in the country after having its…
SIA Engineering Company Limited (SIAEC) announced that it has signed a non-binding Memorandum of Understanding (MoU) with Impeccable Vintage Properties…
Honeywell has signed separate MOUs with Malaysian firms Airod Techno Power (ATP) and Galaxy Aerospace that will further strengthen the…
AirAsia has announced that it will resume international flights from India to Malaysia and Thailand. Flights are now available from…
Embraer and the Brazilian Army have inked a contract to develop and implement Phase Two of the Army's Strategic Program…
The Philippine Air Force (PAF) officially inducted two Turkish-made T129B ATAK attack helicopters and an Airbus Defense and Space C-295…
General Atomics Aeronautical Systems, Inc. (GA-ASI) has been selected to support the Japan Coast Guard's (JCG) RPAS Project. Operations will…
The Royal Thai Navy (RTN) S26T submarine acquisition project from China is at risk of cancellation due to Germany’s refusal…
Headquartered in Singapore with reporters spread across all major regions, GBP Aerospace & Defence is a leading media house that publishes three publications that serve the aerospace and defence sector - Asian Defence Technology, Asian Airlines & Aerospace and Daily News. Known industry-wide for quality journalism, GBP Aerospace & Defence is present at more international tradeshows and exhibitions than any other competing publication in the region.
For over three decades, our award-winning team of reporters has been producing top-notch content to help readers stay abreast of the latest developements in the field of commercial aviation, MRO, defence, and Space.
Copyright 2023. GBP. All Rights Reserved.
Home Defence & Security Space Commercial Aviation Maintence Repair & Overhaul Daily News Events About Us
2024 GBP all rights reserved.