Toyota Boosts Its Investment in Air Taxi Company Joby Aviation by Another $500 Million

Associated Press Finance10-02

Toyota is investing another $500 million in Joby Aviation as part of a partnership aimed at helping get the American air taxi company's commercial business off the ground.Joby Aviation stock rose ...

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Sekh
10-02
Sekh
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After the investment, which will come in two equal tranches later this year and next, Toyota will own about 22% of Joby&#39;s outstanding shares.</p><p>“Today’s investment builds on nearly seven years of collaboration between our companies,” said JoeBen Bevirt, founder and CEO, Joby Aviation. “The knowledge and support shared by Toyota has been instrumental in Joby’s success and we look forward to deepening our relationship as we deliver on our shared vision for the future of air travel.”</p><p>Joby said it recently rolled its third aircraft off the production line and said in August that the fourth of five certifications was in progress.</p><p>In addition to the cash investment, Toyota has been spending time and human resources to share its design and manufacturing methods. 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After the investment, which will come in two equal tranches later this year and next, Toyota will own about 22% of Joby's outstanding shares.“Today’s investment builds on nearly seven years of collaboration between our companies,” said JoeBen Bevirt, founder and CEO, Joby Aviation. “The knowledge and support shared by Toyota has been instrumental in Joby’s success and we look forward to deepening our relationship as we deliver on our shared vision for the future of air travel.”Joby said it recently rolled its third aircraft off the production line and said in August that the fourth of five certifications was in progress.In addition to the cash investment, Toyota has been spending time and human resources to share its design and manufacturing methods. 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