Toyota is reportedly doubling its investment in electric air taxi developer Joby Aviation with a new $500 million funding round. The auto giant seems to think the future of urban travel lies in small planes flying between skyscrapers.
tech crunch report Toyota announced it will invest an additional $500 million in California-based electric air taxi startup Joby Aviation. This brings Toyota's total investment in Joby to $894 million, following a $394 million capital injection in 2020. The new funding will be used to help Joby complete the lengthy Type 2 certification process with the FAA and support commercial production of the electric vertical takeoff aircraft. and landing (eVTOL) aircraft.
Founded in 2009 by JoeBen Bevirt, Joby Aviation has been developing and producing eVTOL aircraft designed to operate as a commercial air taxi service in urban areas for more than a decade. The company is currently in the fourth of five stages of the FAA's type certification process and aims to begin commercial service in 2025.
In addition to funding, Toyota has been sharing manufacturing and production expertise with Joby since 2019. Toyota engineers are working with the Joby team to provide insights from the famous Toyota Production System, which covers planning, manufacturing methods and tooling design. . The two companies signed a long-term agreement in 2023 under which Toyota will supply key powertrains and operating components for Joby's aircraft production.
Joby Aviation has made great strides in recent years, further increasing its presence in the eVTOL industry. The company acquired Uber's air taxi division Elevate in 2020 as part of a complex deal that included a $75 million investment from Uber. The following year, Joby planned to go public through a merger with Reinvent Technology Partners, a special acquisition company (SPAC) led by notorious leftist LinkedIn co-founder Reid Hoffman and Zynga founder Mark Pincus. Announced.
Joby Aviation Founder and CEO Joben Bebert thanked Toyota for its support and said: Toyota's shared knowledge and support has contributed to Joby's success, and we look forward to deepening our relationship as we realize our shared vision for the future of air travel. ”
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Lucas Nolan is a reporter for Breitbart News covering free speech and online censorship issues.
