Toyota Boosts Investment in Joby Aviation with $500 Million for Electric Air Taxi Development

Toyota Motor Corporation and Joby Aviation, Inc. a company pioneering electric air taxis for commercial passenger service, announced a significant $500 million investment from Toyota to accelerate the certification and commercial production of Joby's electric air taxi, aimed at advancing the shared vision of both companies for air mobility.

This investment will be split into two equal tranches, subject to standard regulatory approvals, the finalization of collaborative agreements, and the completion of terms for a strategic alliance focused on commercial manufacturing. Upon completion, Toyota's total investment in Joby will reach $894 million, with the first tranche set to close later this year and the second in 2025. The funds will be exchanged for common stock, with further information available in regulatory filings with the SEC.

Joby continues to progress toward its goal of commercialization, having recently rolled out its third aircraft from its pilot production line in Marina, California. Additionally, Joby is expanding its manufacturing facility to more than double its production capacity. In August 2024, Joby confirmed that the fourth stage of the five-stage type certification process is more than one-third complete.

The shares in this investment are not registered under the Securities Act of 1933 and may not be sold in the U.S. without proper registration or an exemption. This announcement is not a solicitation to buy or sell these securities, nor will there be any sale of the securities where it would be unlawful before registration or qualification under local securities laws.