Toyota Motor (NYSE:TM) has announced a $500 million investment in Joby Aviation Inc (NYSE:JOBY), increasing its stake in the air taxi firm as the company aims to launch commercial services next year.
The cash injection strengthens the partnership between the two companies, focusing on scaling production and commercialising Joby’s electric vertical take-off and landing aircraft.
Toyota, Joby’s largest external shareholder, will raise its stake to over 20%.
Founded in 2009 and listed on the New York Stock Exchange in 2021, Joby is a leader in urban air mobility and has received preliminary approval from the Federal Aviation Administration for its technology.
The company plans to launch its first commercial air taxi service in Dubai in 2025. A pilot production line is already in operation in California, with plans to increase production.