Toyota Invests Additional $500 Million in Joby Aviation, Total Investment Reaches $894 Million, Stock Rallies 22%

Oct 2, 2024, 12:56 PM

Toyota has announced an additional $500 million investment in Joby Aviation, a California-based company developing electric air taxis. This investment aims to support the certification and commercial production of Joby's electric air taxis, bringing Toyota's total investment in the company to $894 million. Following the announcement, Joby Aviation's stock rallied by 22%. The funding is expected to enhance Joby's certification efforts and strengthen manufacturing ties between the automaker and the aviation startup. Toyota is doubling down on its commitment to Joby Aviation.