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Toyota puts another $500 million in an air taxi startup

Aircraft in sky with five propellers aiming forward and upward at about 45 degrees, Toyota logo on the wing
Toyota is betting big on air taxis. | Image: Toyota

Toyota is investing another $500 million in Joby Aviation to support the air taxi startup’s certification and commercial production of eVTOL (electric vertical takeoff and landing) aircraft for use in a ridehailing service. The automaker has now invested a total of $894 million since 2018.

Toyota’s investment will come in the form of two $250 million tranches, the first of which will be completed this year and the second in 2025. The automaker will also establish a manufacturing alliance with Joby for the first commercialization phase. The companies had signed an agreement in 2023 to let Toyota make powertrain components for Joby’s air taxi.

The California-based Joby Aviation is run by JoeBen Bevirt, who started the company in 2009. The…

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