Toyota is once again reinforcing its commitment to the future of urban mobility with a staggering $500 million investment in California-based Joby Aviation, a pioneering company at the forefront of electric air taxi development. With this latest influx of capital, Toyota’s total investment in Joby has soared to an impressive $894 million, following a prior investment of $394 million in 2020.

The substantial funds are earmarked to assist Joby as it navigates the rigorous Type 2 certification process mandated by the Federal Aviation Administration (FAA). This certification is crucial for Joby's ambitions to launch a commercial air taxi service, anticipated to kick off in 2025. Joby is currently in the fourth stage out of five in this certification process and has recently celebrated a milestone by rolling out its third aircraft from its pilot production line in Marina, California. Additionally, the company has started construction on a new facility that will significantly expand its manufacturing capabilities.

The investment from Toyota will be delivered in two equal tranches, with the first expected to be finalized later this year and the second set to close in 2025. This strategic collaboration indicates a robust partnership between the two entities, one that goes beyond financial support.

Since its inception in 2009 by JoeBen Bevirt, Joby has been dedicated to developing electric vertical takeoff and landing (eVTOL) aircraft tailored for city transportation. Over the past five years, the company has gained noteworthy visibility, particularly following key financial maneuvers and partnerships, such as its acquisition of Uber's Elevate air taxi division in 2020. This strategic move included a $75 million investment from Uber and has further solidified Joby's standing in the burgeoning air mobility market.

Joby’s ascendancy has not gone unnoticed, as it has attracted various investors along the way. Among its most significant backers is Toyota, who first invested in Joby through its venture capital arm, Toyota Ventures. However, Toyota’s involvement extends beyond capital. Since 2019, it has provided invaluable insights into the Toyota Production System, aiding in manufacturing processes and design methodologies. The companies have fostered a collaborative environment where Toyota engineers actively support Joby’s development efforts in California.

In a recent long-term agreement, Toyota committed to supplying essential powertrain and actuation components for Joby's aircraft production, further solidifying their alliance in transforming the landscape of air travel.

In Bevirt's words, "Today’s investment builds on nearly seven years of collaboration between our companies. 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.”

As we look to the future, this partnership and substantial investment signal not just a monumental step for Joby, but also a revolutionary shift in how we envision urban transportation. With electric air taxis potentially revolutionizing commuting, the implications of these advancements for cities around the globe are staggering. Will we soon see air taxis zipping over traffic jams? Only time will tell, but one thing is for sure: the sky's the limit!