Tokyo, October 2: Toyota Motor on Wednesday said it will invest an additional $500 million in US-based Joby Aviation, a company developing electric air taxis for commercial passenger service. This brings total investment from Toyota in Joby to $894 million to date. The additional investment will support the certification and commercial production of Joby's electric air taxi, with the aim of realising their shared vision of air mobility. The investment will be made in two equal tranches, with the first targeted to close later this year and the second in 2025, said the automaker.

"With this additional investment, we are excited to see Joby certify their aircraft and shift to commercial production," said Tetsuo Ogawa, who signed the agreement as the Operating Officer on behalf of Toyota. "We share Joby's view that sustainable flight will be central to alleviating today's persistent mobility challenges." The investment is subject to standard regulatory approvals. Government Launches PM E-DRIVE Scheme Worth INR 10,900 Crore To Boost Electric Mobility.

"Today's investment builds on nearly seven years of collaboration between our companies," said JoeBen Bevirt, founder and CEO, Joby Aviation. "The knowledge and support shared by Toyota has been instrumental in Joby's success and we look forward to deepening our relationship as we deliver on our shared vision for the future of air travel,” he added.

Joby said it continues to make important progress towards commercialisation, recently rolling its third aircraft off its pilot production line in Marina, California, and breaking ground on an expanded facility in the US state that will more than double the company's manufacturing footprint. In August, it confirmed that the fourth of five stages of the type certification process is now more than one-third complete on the Joby side. Electric Vehicle Surge: India’s EV Market Rises 23% in September With 1.59 Lakh Unit Sales.

Toyota's relationship with Joby began through an initial investment made by Toyota Ventures, the early-stage venture capital arm of Toyota that explores and identifies disruptive technologies and companies for investment opportunities and provides support for portfolio companies. Toyota Motor Corporation subsequently completed investments totalling $394 million.

(The above story first appeared on LatestLY on Oct 03, 2024 10:29 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).