Toyota is investing another $500 million in Joby Aviation to support the air taxi startup’s certification and commercial production of eVTOL (electric vertical takeoff and landing) aircraft for use in a ridehailing service. The automaker has now invested a total of $894 million since 2018.
Toyota’s investment will come in the form of two $250 million tranches, the first of which will be completed this year and the second in 2025. The automaker will also establish a manufacturing alliance with Joby for the first commercialization phase. The companies had signed an agreement in 2023 to let Toyota make powertrain components for Joby’s air taxi.
The California-based Joby Aviation is run by JoeBen Bevirt, who started the company in 2009. The…