Toyota makes additional USD500 million investment in air taxi firm Joby Aviation
Date
10/3/2024 5:51:06 AM
(MENAFN) Toyota is making an additional USD500 million investment in Joby Aviation as part of a collaboration aimed at launching the American air taxi company's commercial operations. This latest funding will help facilitate the certification and production of Joby's electric air taxi. With this investment, Toyota Motor Corporation's total investment in Joby rises to USD894 million, and after the investment, Toyota will hold approximately 22 percent of Joby's outstanding shares.
JoeBen Bevirt, the founder and CEO of Joby Aviation, noted, "Today's investment builds on nearly seven years of collaboration between our companies. The knowledge and support shared by Toyota has 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 recently announced the completion of its third aircraft and indicated that it is currently working on the fourth of five necessary certifications. In addition to the financial support, Toyota has been actively sharing its design and manufacturing expertise, with its engineers collaborating with Joby’s team at the company’s California headquarters.
Last year, the two companies entered a long-term agreement for Toyota to provide essential powertrain and other components for the production of Joby's aircraft.
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