Toyota is investing $500 million in Joby Aviation, an electric air taxi startup. This brings Toyota’s total investment in Joby to $894 million since 2019. The two companies have been working closely together, with Toyota providing financial support and helping with manufacturing and design.
Joby’s aircraft are powered by six electric motors and can carry one pilot and four passengers. They can reach speeds of up to 200 miles per hour and produce no air pollution during operation. This is a significant improvement over traditional helicopters like the Airbus AS350, which produces 950 pounds of carbon per hour.
Joby plans to use the new investment to further its vision for air mobility. The company recently completed its third aircraft and is expanding its California facility to more than double its manufacturing capabilities. Earlier this year, Joby showcased its technology by flying its aircraft in New York City.
Toyota executive vice president Hiroki Nakajima said, “Air mobility has the potential to change our sense of distance and time, and open a future with the new option of air mobility that will further enrich the lives of many people.
The collaboration between Toyota and Joby is set to grow, with a “manufacturing alliance” aimed at commercializing the technology.
Toyota deepens partnership with Joby
Toyota is committed to working with Joby to make their shared dreams a reality.
The recent test flight in Japan, with Mount Fuji as a backdrop, marked a significant milestone for the project. It was the first international showcase for Joby’s technology. The air taxis could make significant reductions in travel time, such as going from downtown New York City to John F.
Kennedy International Airport in just seven minutes. Joby’s stock has been soaring, driven by the $500 million investment and bullish prospects for the air taxi industry. The stock is up over 50% in the past month and hit a new 52-week high.
Analysts at Needham set an $8 price target for Joby, citing its first-mover advantage and potential $3 billion market opportunity. However, there are still challenges ahead for Joby, including securing regulatory approvals and achieving commercial viability. But for now, the company is flying high and investors seem optimistic about its future.
