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Toyota Becomes Top Shareholder in Air Taxi Maker Joby
Vehicle Manufacturer Completes First Half of $500 Million Investment in Company
Toyota Motor Corp. has invested $250 million in Joby Aviation, completing the first half of a previously announced $500 million commitment and becoming the air taxi maker鈥檚 largest shareholder.
The investment, originally expected to close in 2024, is part of Toyota鈥檚 pledge to boost its total funding in the Santa Cruz, Calif.-based company to $894 million. The latest tranche raises Toyota鈥檚 stake to 15.3%, surpassing that of Joby CEO JoeBen Bevirt.
A U.S. spokesman for Toyota confirmed the payment. Joby has said it expects the second tranche from Toyota to close later this year.
Joby shares rose 3.5% to $7.12 as of 6:20 p.m. in extended trading in New York. The stock had closed regular trading May 27 down about 15% for the year.
Joby is among a handful of companies developing eVTOL aircraft 鈥 electric vertical takeoff and landing vehicles 鈥 that plan to fly customers on short commuter journeys via battery-powered air taxis.
鈥淭his milestone further cements the collaboration and alignment between our two companies,鈥 Tetsuo 鈥淭ed鈥 Ogawa, CEO of Toyota North America, said in a statement.
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Joby is now targeting early 2026 for the start of commercial operations in Dubai after previously having said it would begin operations there by the end of 2025. (David Paul Morris/Bloomberg News)
Joby said recently it now aims to start commercial services in Dubai by early 2026 after having previously targeted the end of this year. Certification for flight operations by the U.S. Federal Aviation Administration and regulators in other countries is still pending.
Toyota began financing Joby in 2020, two years after its venture capital arm participated in a funding round.
