Toyota invests another $500 million in an electric air taxi company as it soars toward the future of air mobility

Cash injection will speed up certification and commercial production of Joby’s eVTOL craft

News By Leon Poultney published 4 October 2024

Toyota has revealed that it has invested a further $500 million into Joby Aviation, a company founded in 2009 that has since been working on developing, producing, and certifying electric vertical take-off and landing craft (eVTOL).

The second round of funding follows a $394 million injection of capital back in 2020, and the Japanese car giant hopes it will speed up development, with the aim of realizing the two companies ‘shared vision of air mobility.’

Joby has been one of the leading companies in air taxi research, having acquired Uber’s Elevate start-up in 2020. Uber also invested $75 million in the venture to speed up the development and certification process.

According to Toyota, this isn’t just a financial deal. The company says it has been sharing its knowledge of the Toyota Production System via process planning, manufacturing method development, and tooling design.

Engineers from the two companies have been working alongside one another in Joby’s facility in California to realise a viable production method for commercial electric air taxis, while pushing forward with certification remains a priority if we are to see the technology in the air any time soon.

According to Joby Aviation, it has almost completed the fourth of a five-stage type certification process that would allow its aircraft to go into production.

Cleared for take-off

Although stuff of science-fiction fantasy, the rise of the electric vertical take-off craft has been rapid over the past few years, with the likes of Hyundai Motor Group launching its Supernal business and China’s XPeng HT Aero breaking serious ground on the topic.

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