Joby Aviation has earned its latest financial infusion from Toyota Motor Corporation in the development of its all-electric VTOL aircraft. Toyota plans to “share expertise in manufacturing, quality and cost controls” during the development of the “quiet” eVTOL aircraft, according to a company press release. Toyota has invested $394 million as a lead investor in the Series C financing announced by Joby on January 15, 2020.
Joby Aviation Gets Infusion from Toyota for eVTOL
Key Takeaways:
- Joby Aviation secured a significant $394 million investment from Toyota Motor Corporation, leading a $590 million Series C financing round that brings Joby's total funding to $720 million.
- The investment supports Joby's development and eventual launch of an all-electric VTOL (eVTOL) air-taxi service, with Toyota additionally providing expertise in manufacturing and quality control.
- Joby's prototype is a quiet, 5-seat eVTOL aircraft, currently undergoing certification testing, designed to fly at speeds up to 200 mph with a 150-mile range.
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