Joby Aviation's (NYSE: JOBY) technology has been again validated. The latest news is a follow-on investment from Toyota Motor (NYSE: TM), one of the company's earliest investors and a long-time proponent of personal air capability. The new deal will more than double Toyota's investment in Joby, bringing the total to nearly $900 million, with funds distributed over the next two years. Toyota is a critical partner for Joby. Not only does it provide funding, but also powertrain and actuation components. Its engineers are working alongside Joby's to make commercialized personal flight a reality.
The new funding aims to aid Joby in its certification process and production ramp, which are progressing nicely. Joby is roughly a third of the way through the fourth of five stages of U.S. certification, has delivered its first vehicles to the U.S. Air Force, and is making inroads into other markets, including the UAE. Terms of the new deal include a manufacturing alliance to bolster the already blossoming production capability. While there are still hurdles to cross, the outlook is bright and points to the commencement of commercial operations in 2025. Regarding the UAE, Joby has begun the certification process for commercial air taxi services.
And Toyota is ...
