Joby Aviation Inc., a leading manufacturer of electric air taxis, saw its shares surge by 20% following the receipt of a $250 million investment from Toyota Motor Corporation. This payment represents the second half of a $500 million funding commitment Toyota announced last October to support Joby's certification process and commercial production efforts.
CEO and founder JoeBen Bevirt emphasized the benefits gained from the collaboration, stating in a company update, "We're already seeing the benefit of working with Toyota in streamlining manufacturing processes and optimizing design. This is an important next step in our alliance with Toyota to scale the promise of electric flight."
Joby Aviation specializes in electric vertical takeoff and landing (eVTOL) aircraft, which operate similarly to helicopters but with electric propulsion. Their technology aims to alleviate urban traffic congestion and reduce emissions globally. The partnership with Toyota deeply integrates the two companies' efforts to advance next-generation air travel to the market.
Toyota first invested $394 million in Joby in 2020, strengthening its foothold in the emerging urban air mobility sector. Industry developments include competitive collaborations such as Uber's airport shuttle service using eVTOL vehicles, highlighting the growing interest in sustainable aerial transportation solutions.
This latest infusion bolsters Joby's production capabilities as it progresses toward delivering certified commercial eVTOL services.
