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Toyota Invests $500 Million More in Santa Cruz's Joby Aviation, Totaling $894 Million for eVTOL Production

Oct 2, 2024, 03:10 PM

Toyota Motor Corporation has invested an additional $500 million in Joby Aviation, bringing its total investment in the Santa Cruz-based electric air taxi startup to $894 million. The new funds, split into two tranches, will support certification and commercial production of Joby's electric vertical take-off and landing (eVTOL) aircraft. The companies are also establishing a strategic manufacturing alliance to advance air mobility. Joby Aviation CEO Joeben Bevirt highlighted the partnership, stating, "We've expanded the partnership and are bringing the incredible quality that Toyota's known for to aviation manufacturing." Following the announcement, Joby's stock rallied by 22%, reaching record trading volumes.