David Shepardson of Reuters reports that Toyota will invest another $500 million in Joby Aviation. Shepardson writes:
Toyota Motor said Wednesday it will invest another $500 million in Joby Aviation to support certification and commercial production of Joby’s electric air taxi.The Japanese automaker’s new funding is on top of $394 million in prior investments it made in Joby and is part of a strategic alliance on commercial manufacturing. The investment will be in the form of cash for common stock, with the first tranche set to close later in 2024 and the second next year.Electric vertical takeoff and landing aircraft (eVTOL) have been touted as the future of urban air mobility, though they face hurdles to win over regulators. […]In 2022, Delta Air Lines said it was investing $60 million in Joby for a 2% equity stake, in a partnership that aims to initially offer passengers air taxi transport to and from airports in New York and Los Angeles. At the time, the goal was to launch service in 2024. Bevirt told Reuters Tuesday the company is “definitely targeting the next few years” for deployment.
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