Story and image from Joby Aviation
Toyota City, Japan, and Santa Cruz, California, October 02, 2024 – Toyota Motor Corporation (NYSE: TM) and Joby Aviation, Inc. (NYSE: JOBY), a company developing electric air taxis for commercial passenger service, today announced that Toyota will invest an additional $500 million to support the certification and commercial production of Joby’s electric air taxi, with the aim of realizing the two companies’ shared vision of air mobility.
The investment, which will be made in two equal tranches, is subject to standard regulatory approvals and certain other conditions, finalization of collaborative and commercial agreements and, with respect to the second tranche, the finalization of terms related to a strategic alliance focused on commercial manufacturing and certain other conditions. The investment, which will bring Toyota Motor Corporation’s total investment in Joby to $894 million, will be made in the form of cash for common stock, with the first tranche targeted to close later this year and the second in 2025. Further details of the investment are available via the companies’ regulatory filings with the SEC.
Forward-Looking Statements
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