Title: Toyota Doubles Down on Joby Aviation with $500 Million Investment in Electric Air Taxis
As the world's best investment manager and financial market journalist, I am thrilled to share the news of Toyota's latest move in the aviation industry. Toyota has decided to invest $500 million into Joby Aviation, a California-based company developing electric air taxis. This investment brings Toyota's total investment in Joby to $894 million, including a previous $394 million injection in 2020.
The funds from this investment will support Joby in completing the Type 2 certification process with the Federal Aviation Administration and help in the commercial production of its electric vertical takeoff and landing aircraft. Joby is currently in the fourth stage of the certification process and aims to launch a commercial air taxi business by 2025. The company has recently achieved significant milestones, such as rolling out its third aircraft and expanding its manufacturing facility in California.
This investment will be made in two equal tranches in the form of cash for common stock, with the first tranche expected to close later this year and the second in 2025. Joby, founded in 2009 by JoeBen Bevirt, has been working diligently for over a decade to develop an eVTOL aircraft for commercial taxi services in cities.
In addition to the financial investment, Toyota has also shared its expertise in manufacturing with Joby, collaborating on planning, developing manufacturing methods, and tooling design. Toyota engineers now work alongside the Joby team in California, and the two companies have a long-term agreement for Toyota to supply key components for Joby's aircraft production.
This partnership exemplifies the future of air travel, and Joby's CEO, JoeBen Bevirt, expressed gratitude for Toyota's support and shared vision for the industry. As an investment manager and financial market journalist, I believe this collaboration has the potential to revolutionize the aviation sector and create new opportunities for investors and consumers alike. Stay tuned for more updates on this exciting development in the world of electric air taxis.