Toyota Invests Additional $500 Million in Santa Cruz-Based Joby Aviation, Totaling $894 Million, Stock Rallies 22%

Oct 2, 2024, 01:10 PM

Toyota is investing an additional $500 million in Joby Aviation, a Santa Cruz-based electric air taxi startup. This investment aims to support the certification and commercial production of Joby's electric air taxis. The new funding brings Toyota's total investment in Joby to $894 million. Following the announcement, Joby's stock rallied by 22%. The investment will also establish a strategic manufacturing alliance between Toyota and Joby, furthering their shared vision of air mobility. Joby Aviation CEO Joeben Bevirt highlighted Toyota's long-standing dream of building aircraft for daily transportation and emphasized the incredible quality Toyota brings to aviation manufacturing.