Toyota Makes Major Investment in Joby Aviation, Betting on the Future of Air Taxis with Nearly $900M Funding

Toyota Makes Major Investment in Joby Aviation, Betting on the Future of Air Taxis with Nearly 0M Funding

Experience the‌ future of air travel with Joby Aviation as Toyota Motor Company‌ announces an additional $500 million investment in ⁣the innovative electric⁤ air taxi project. Joby aims to ⁤revolutionize urban transportation with its vertical take-off and landing air taxis, set to transform cities worldwide.

This latest investment solidifies ‍Toyota’s commitment to Joby Aviation, following a previous $394 million⁤ contribution. The total ​investment now stands at an impressive $894 million, showcasing⁤ the shared ⁤vision for sustainable ⁣flight between the two ‌companies.

The funding⁤ will be provided in ‌two installments, pending⁢ regulatory‍ approval,⁣ with the first portion expected​ later this ⁢year and the remainder by ​2025.⁤ JoeBen⁣ Bevirt, founder and CEO of Joby Aviation, expressed gratitude for ‍Toyota’s ongoing support and emphasized their collaborative efforts towards shaping‌ the future of air⁤ travel.

Joby Aviation ‌has ‍made significant strides towards ​commercialization, unveiling its third aircraft⁣ from the pilot production line ‍in⁣ California. The company has also commenced construction​ on an expanded⁣ facility⁤ that will double its manufacturing​ capacity.

Toyota’s engineers⁢ are actively engaged with Joby’s team in California⁤ as part​ of a long-term agreement signed⁣ in 2023. This partnership includes Toyota supplying essential powertrain components for Joby’s​ aircraft production.

Tetsuo “Ted” Ogawa from Toyota Motor North America highlighted their excitement for Joby’s certification process and transition to commercial production. Both ⁢companies⁣ share a common goal of‌ addressing current mobility challenges through sustainable flight solutions.

Witness innovation ‍take flight as Joby ⁢Aviation paves the way ⁢for a new era in urban transportation.
Toyota

2024-11-05 17:15:03
Article from www.ibtimes.com

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