Toyota bets big on drones with $500m investment in Joby Aviation

Engineers from Toyota are working with Joby's team to develop key components

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Toyota Motor has announced a significant $500 million investment in Joby Aviation, continuing its commitment to developing electric air taxi technology. This reports Reuters. This latest investment follows an earlier investment of $394 million (about €360 million), making Toyota Joby’s largest outside shareholder. The strategic alliance between the two companies focuses on jointly supporting the certification and commercial production of Joby’s electric vertical take-off and landing (eVTOL) aircraft.

The investment will be paid in two tranches, with the first tranche expected to be completed later this year and the second tranche next year. JoeBen Bevirt, CEO of Joby Aviation, emphasised that this further strengthens their partnership and underscores both companies’ commitment to shaping the future of transportation through air mobility.

Engineers from Toyota are actively collaborating with Joby’s team in California, working closely on the development of key powertrain components and other vital aspects of the eVTOL aircraft. The collaboration goes beyond financial support and includes a long-term agreement under which Toyota will provide critical components for Joby’s fleet.

Interest in electric air cabs is not limited to Toyota. Other major players in the auto industry are also exploring this emerging sector. Stellantis, the parent company of Chrysler, recently announced an additional $55 million investment in Archer Aviation, following previous investments and share purchases. This shows a growing trend among automakers recognizing the potential of eVTOL technology.

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