Toyota Motor Company said that it will invest an additional $500 million in Joby Aviation to support the certification and commercial production of the California company's electric air taxi.
Joby wants to operate the vertical take-off and landing air taxis in cities around the world.
The Japanese automaker previously invested $394 million in Joby, bringing the total investment to $894 million, the companies said in a joint announcement.
The investment will be made in two portions, subject to regulatory approval, in cash for common stock, with the first segment coming later this year and the remainder in 2025 the companies said.
"Today's investment builds on nearly seven years of collaboration between our companies," said JoeBen Bevirt, founder and CEO of Joby Aviation. "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."
Joby said it continues to make "important progress" towards commercialization and recently rolled out its third aircraft from its pilot production line in California.
It said it has also broken ground on an expanded facility in California that will more than double its manufacturing capacity.
Toyota engineers now work with the Joby team in California, and, in 2023, the two companies signed a long-term agreement for Toyota to supply key powertrain and other components for the production of Joby's aircraft.
"With this additional investment, we are excited to see Joby certify their aircraft and shift to commercial production," said Tetsuo "Ted" Ogawa, Toyota Motor North America. "We share Joby's view that sustainable flight will be central to alleviating today's persistent mobility challenges."
