Joby Aviation has closed the first of two $250 million tranches of a previously announced investment from the Toyota Motor.
In October 2024 Joby stated that it would receive investment totalling $500 million from Toyota, with this being made in two equal tranches, with the first originally targeted to close late last year and the second in 2025.
The investment is aimed at supporting certification and commercial production of Joby’s electric air taxi, while also putting the two companies a step closer toward a strategic manufacturing alliance.
“With this capital and Toyota’s legendary production expertise, we’re enhancing our ability to scale cutting-edge design and manufacturing to meet the demands of our partners and customers,” said JoeBen Bevirt, founder and CEO of Joby.
The company most recently ended the first quarter of the year with $813 million in cash and short-term investments, not including the $500 million commitment from Toyota.
These investments from Toyota are expected to be reflected in the company’s second quarter balance sheet.