TOKYO: Toyota Motor Corp has invested US$250 million in Joby Aviation Inc, making it the largest shareholder in the US-based air taxi developer with a 15.3% stake. The funding marks the first half of a previously announced US$500 million commitment to the electric vertical takeoff and landing (eVTOL) company.
The investment, originally set to close in 2024, is part of Toyota’s total pledged funding of US$894 million in Joby. The second tranche is expected later this year.
The move strengthens Toyota’s position in the emerging urban air mobility sector. “This milestone further cements the collaboration and alignment between our two companies,” said Tetsuo Ogawa, CEO of Toyota North America.
Joby shares rose 3.5% to US$7.12 in after-hours trading following the announcement. The stock is down roughly 15% year-to-date.
Joby is among several firms developing battery-powered eVTOL aircraft for short-range urban travel. The company has shifted its commercial launch target to early 2026 in Dubai, pending regulatory approvals from the US FAA and global authorities.
Toyota began backing Joby in 2020, following an earlier investment by its venture capital arm in 2018.
