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Toyota Invests Big In eVTOL Developer Joby

Billing itself as a “global mobility company,” Japanese automaker Toyota Motor Corp. Wednesday announced a partnership with and a $394 million investment in eVTOL developer Joby Aviation. The investment makes Toyota the lead investor in Joby’s just-completed $590 million Series C financing that brings the California-based company's total funding to $720 million to date.

“Air transportation has been a long-term goal for Toyota, and while we continue our work in the automobile business, this agreement sets our sights to the sky,” said Toyota president and CEO Akio Toyoda. “As we take up the challenge of air transportation together with Joby, an innovator in the emerging eVTOL space, we tap the potential to revolutionize future transportation and life. Through this new and exciting endeavor, we hope to deliver freedom of movement and enjoyment to customers everywhere, on land, and now, in the sky.”

Under the partnership, Toyota executive v-p Shigeki Tomoyama will join Joby’s board, while the carmaker will leverage its expertise in manufacturing, quality, and cost controls for the development and production of Joby’s piloted, four-passenger eVTOL. 

Toyota’s investment and expertise are expected to accelerate the development and certification of Joby’s eVTOL. “This collaboration with Toyota represents an unprecedented commitment of money and resources for us and this new industry from one of the world’s leading automakers,” said Joby founder and CEO JoeBen Bevirt.