Toyota invests $500 million in air taxi firm

Toyota has invested US$500 million in Californian firm Joby Aviation to support the commercial production of electric air taxis.

The funding, which will be allocated in two tranches, brings the car manufacturer’s total investment in the firm to US$894 million since 2019.

“With this additional investment, we are excited to see Joby certify their aircraft and shift to commercial production,” said Tetsuo “Ted” Ogawa, CEO, Toyota Motor North America. 

“We share Joby’s view that sustainable flight will be central to alleviating today’s persistent mobility challenges.”

Founded in 2009, Joby Aviation is developing an electric vertical take-off and landing (eVTOL) air taxi for commercial passengers and has conducted a number of test flights under controlled conditions.

The company says it intends to launch commercial services in New York and Los Angeles by late 2025 – but this is dependent on it achieving full certification from the Federal Aviation Administration (FAA).

“The knowledge and support shared by Toyota have 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,” said JoeBen Bevirt, founder and CEO, Joby Aviation.

Development

While progress has been made in recent years and a number of manned test flights have taken off, there are still no commercial eVTOL air taxi services in operation anywhere in the world.

This is mainly due to complex aviation regulations, particularly in the US and Europe.

In the US, Joby’s latest model is at the fourth of five stages of the type certification process, which is expected to accelerate in the remainder of 2024, according to Toyota.

In August 2024, California-based Archer Aviation announced plans for the launch of an air taxi network by 2026, when the FIFA World Cup comes to Los Angeles.

According to the firm, the piloted, four-passenger electric aircraft dubbed “Midnight” will be capable of speeds up to 240 kph and is designed for “back-to-back flights” of 30-80 kilometres with “minimal charge time in between”.

The company says it plans to use existing infrastructure at locations that include Los Angeles International Airport, Hollywood Burbank Airport, SoFi Stadium and the University of Southern California.

Image: Joby