SANTA CRUZ, CALIFORNIA (VINnews)-Toyota is deepening its commitment to the future of urban air mobility, investing an additional $250 million in Joby Aviation, the electric air taxi startup aiming to launch commercial service by 2026.
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The investment makes Toyota the largest shareholder in Joby, surpassing even the company’s own CEO, JoeBen Bevirt, in equity. With this latest funding round, Toyota’s total investment in the California-based firm climbs to nearly $900 million.
Joby Aviation is developing electric vertical takeoff and landing (eVTOL) aircraft—essentially flying taxis—with the goal of providing quick, emissions-free rides over traffic-clogged cities. The company still awaits certification from the Federal Aviation Administration before it can begin offering passenger flights, a hurdle it hopes to clear within the next year.
Toyota’s continued backing signals a strategic shift for the automaker, best known for vehicles like the Camry and Prius. The company previously collaborated with Joby on manufacturing processes and sees the partnership as a key part of its long-term mobility strategy.
“As we take steps toward realizing our shared vision of mobility for all, we believe electric air taxis will play a significant role,” a Toyota spokesperson said.
Joby faces stiff competition in the race to get flying taxis off the ground, with rivals like Archer Aviation and Beta Technologies also developing eVTOLs. But with one of the world’s largest automakers behind it, Joby is betting it can turn sci-fi dreams into everyday reality.
cities dont’ need flying, just good roads