Joby Aviation, an NYSE-listed eVTOL developer, has secured USD 500 million in funding from Toyota Motor Corporation. This investment brings Toyota's total investment in Joby to USD 894 million, making Toyota the largest shareholder in the company. The investment also brings Joby's total funding to USD 2.5 billion.

The funds will be used to complete the Federal Aviation Administration's (FAA) Type 2 certification process and support the commercial production of Joby's eVTOL aircraft. The investment will be made in two equal tranches of USD 250 million, with the first expected to close in 2024 and the second in 2025.

Joby Aviation is in the fourth of five stages of type certification and aims to launch a commercial air taxi business in 2025. The company recently rolled out its third aircraft from its pilot production line in Marina, California. It broke ground on an expanded facility that will double its manufacturing footprint.

Analyst QuickTake: Joby Aviation received the FAA's Special Airworthiness Certificate in June 2023 and has been ramping up its efforts toward commercialization in 2025. In July 2024 , the company unveiled its eVTOL in Europe for the first time at the Farnborough International Airshow and completed its first test flight for its hydrogen-electric eVTOL. It has also increased its efforts for expansion in the Middle East, including partnerships with Abu Dhabi’s Department of Municipalities and Transport and Mukamalah to launch Joby's aircraft in Saudi Arabia. In September 2024 , Joby submitted an application to the UAE aviation authorities to certify air taxi operations.