Joby Aviation continues to make progress towards transforming urban mobility, collaborating with automotive giant Toyota on electric vertical takeoff and landing (eVTOL) aircraft.
This year, the second tranche of Toyota’s recent $500 million investment in Joby Aviation is slated to close, the first tranche having been completed in late 2024. This will bring Toyota’s total commitment to Joby to $894 million. Among other things, the latest investment will support the certification and commercial production of Joby’s eVTOL aircraft. The funding is contingent on regulatory approvals and the establishment of a strategic manufacturing alliance.
Joby’s eVTOL aircraft are designed to be quiet, efficient, and sustainable, boasting a range of 150 miles on a single charge and speeds up to 200 mph. They will provide fast, convenient, and eco-friendly transportation, potentially alleviating urban congestion and paving the way for a new era of mobility.
Solid backing
The partnership between Toyota and Joby began in 2019 through Toyota Ventures, the automaker’s venture capital arm. Since then, Toyota has supported Joby in a variety of ways, going beyond financial backing. Its engineers have been working closely with Joby’s team in California, sharing their broad expertise in manufacturing methods, process planning, and the Toyota production system, aimed and ensuring Joby can scale its operations efficiently while maintaining high-quality standards. Under a long-term agreement signed in 2023, Toyota is also supplying key power train and actuation components.
The collaboration has already yielded results, demonstrated by Joby’s recent completion of its third production prototype aircraft, which rolled off the company’s pilot production line in Marina, California in August 2024. The company has also expanded its production facility in California, doubling its footprint at the Marina Municipal Airport. This expansion is expected to support a production rate of 25 aircraft per year and includes the construction of pilot training, flight simulation, and aircraft maintenance facilities.
Also in 2024, Joby became the first company to complete the third stage of the five-stage FAA eVTOL type certification process. The company’s efforts to bring its air taxis to market align with Toyota’s broader vision of transforming itself into a mobility company. Tetsuo Ogawa, Operating Officer of Toyota Motor Corporation, has emphasized in various interviews the importance of sustainable, fast, and accessible urban air flight in addressing today’s mobility challenges. The high-flying Joby-Toyota collaboration appears to be propelling that dream towards reality.
