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Toyota puts another $500 million in an air taxi startup - The Verge
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type="application/ld+json">{"@context":"http://schema.org/","@type":"NewsArticle","headline":"Toyota puts another $500 million in an air taxi startup","description":"Toyota is buying stock in Joby Aviation to help get certification and manufacturing started for electric vertical takeoff and landing (eVTOL) vehicles.","datePublished":"2024-10-02T14:28:03.316Z","dateModified":"2024-10-02T14:28:03.316Z","thumbnailUrl":"https://cdn.vox-cdn.com/thumbor/Sv6FUeE6ktXz9XrbWQEX4hBJg3E=/0x0:2369x1579/1400x788/filters:focal(1185x790:1186x791)/cdn.vox-cdn.com/uploads/chorus_asset/file/25654205/Screenshot_2024_10_02_at_9.53.29_AM.jpeg","author":[{"@type":"Person","name":"Umar Shakir","url":"https://www.theverge.com/authors/umar-shakir"}],"publisher":{"@type":"Organization","name":"The 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is investing another $500 million in Joby Aviation to support the air taxi startup’s certification and commercial production of eVTOL (electric vertical takeoff and landing) aircraft for use in a ridehailing service. The automaker has now invested a total of $894 million since 2018.\n\nToyota’s investment will come in the form of two $250 million tranches, the first of which will be completed this year and the second in 2025. The automaker will also establish a manufacturing alliance with Joby for the first commercialization phase. The companies had signed an agreement in 2023 to let Toyota make powertrain components for Joby’s air taxi.\n\n[Media: https://www.youtube.com/watch?v=8cSR0xyn8IY]\n\nThe California-based Joby Aviation is run by JoeBen Bevirt, who started the company in 2009. The company operated under the radar until its big $100 million investment round in 2018, which included participation from Intel, Toyota, and JetBlue. \n\nThe money helped Joby develop a prototype and conduct test flights on a private airfield in Northern California. Toyota liked what it saw and sent its own engineers over to work side by side with Joby Aviation.\n\nJoby’s all-electric aircraft has six rotors and seats five, including the pilot. The vehicle can take off vertically, like a helicopter, and then shift into forward flight using tilt rotors. Joby says it can reach a top speed of 200mph, travel 150 miles on a single battery charge, and is 100 times quieter than a conventional aircraft.\n\nThe company recently performed a few exhibition flights in Manhattan and plans to start flying commercial passengers in places like New York City and Los Angeles in 2025.\n"}</script><link rel="preload" as="image" imageSrcSet="https://duet-cdn.vox-cdn.com/thumbor/0x0:2369x1579/16x11/filters:focal(1185x790:1186x791):format(webp)/cdn.vox-cdn.com/uploads/chorus_asset/file/25654205/Screenshot_2024_10_02_at_9.53.29_AM.jpeg 16w, https://duet-cdn.vox-cdn.com/thumbor/0x0:2369x1579/32x21/filters:focal(1185x790:1186x791):format(webp)/cdn.vox-cdn.com/uploads/chorus_asset/file/25654205/Screenshot_2024_10_02_at_9.53.29_AM.jpeg 32w, https://duet-cdn.vox-cdn.com/thumbor/0x0:2369x1579/48x32/filters:focal(1185x790:1186x791):format(webp)/cdn.vox-cdn.com/uploads/chorus_asset/file/25654205/Screenshot_2024_10_02_at_9.53.29_AM.jpeg 48w, 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text-blurple"><a class="hover:shadow-underline-inherit" href="/planes">Aviation</a><span class="px-6">/</span></li><li class="inline font-polysans-mono text-12 font-medium uppercase tracking-12 text-blurple"><a class="hover:shadow-underline-inherit" href="/transportation">Transpo</a><span class="px-6">/</span></li><li class="inline font-polysans-mono text-12 font-medium uppercase tracking-12 text-blurple"><a class="hover:shadow-underline-inherit" href="/toyota">Toyota</a></li></ul><h1 class="mb-28 hidden max-w-[900px] font-polysans text-45 font-bold leading-100 selection:bg-franklin-20 lg:block">Toyota puts another $500 million in an air taxi startup</h1><span class="sticky-nav-trigger"></span><div class="flex flex-col lg:flex-row-reverse lg:justify-end"><div class="flex-col lg:flex lg:ml-40"><div class="mb-24 grow"><h1 class="inline font-polysans text-22 font-bold leading-110 md:text-33 lg:hidden">Toyota puts another $500 million in an air taxi startup</h1><span class="font-polysans text-22 font-light leading-110 md:text-30 lg:block"><span class="text-blurple"> / </span><h2 class="inline selection:bg-franklin-20">Toyota is increasing its support for Joby Aviation to get the ball rolling on eVTOL aircraft manufacturing plans.</h2></span></div><div><div class="mb-16 w-[200px] border-t border-gray-bd lg:hidden"></div><div class="mb-2 text-blurple [&>p>span:first-child]:text-gray-13 [&_.duet--article-byline-and]:text-gray-13"><p class="duet--article--article-byline max-w-[550px] font-polysans text-12 leading-120"><span>By</span> <span><span class="duet--article-byline-and"></span> <span class="font-medium"><a class="hover:shadow-underline-inherit" href="/authors/umar-shakir">Umar Shakir</a></span><span class="text-gray-13">, <span class="duet--article--dangerously-set-cms-markup">a news writer fond of the electric vehicle lifestyle and things that plug in via USB-C. He spent over 15 years in IT support before joining The Verge. </span></span></span></p></div><div class="duet--article--date-and-comments mb-20 inline-block font-polysans text-12 text-gray-5a"><time dateTime="2024-10-02T14:28:03.316Z" class="duet--article--timestamp font-polysans text-12"> <!-- -->Oct 2, 2024, 2:28 PM UTC</time></div><div class="mb-24 flex lg:mb-0 lg:mb-0"><div class="flex"><div><h2 class="sr-only">Share this story</h2><ul class="duet--article--share-buttons flex leading-[0]"><li class="mr-8"><div class="relative flex items-center"><button aria-label="Copy link" class="rounded-full bg-transparent transition shadow-border-gray-d3 hover:bg-blurple hover:shadow-border-blurple"><svg width="30" height="30" class="transition fill-blurple hover:fill-white" viewBox="0 0 30 30" xmlns="http://www.w3.org/2000/svg"><path d="M13.7876 20.18C12.6943 21.2733 10.9133 21.2733 9.81998 20.18C8.72669 19.0867 8.72666 17.3056 9.81998 16.2123L12.0243 14.0081C13.1176 12.9147 14.8986 12.9147 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https://duet-cdn.vox-cdn.com/thumbor/0x0:2369x1579/2048x1365/filters:focal(1185x790:1186x791):format(webp)/cdn.vox-cdn.com/uploads/chorus_asset/file/25654205/Screenshot_2024_10_02_at_9.53.29_AM.jpeg 2048w, https://duet-cdn.vox-cdn.com/thumbor/0x0:2369x1579/2400x1600/filters:focal(1185x790:1186x791):format(webp)/cdn.vox-cdn.com/uploads/chorus_asset/file/25654205/Screenshot_2024_10_02_at_9.53.29_AM.jpeg 2400w" src="https://duet-cdn.vox-cdn.com/thumbor/0x0:2369x1579/2400x1600/filters:focal(1185x790:1186x791):format(webp)/cdn.vox-cdn.com/uploads/chorus_asset/file/25654205/Screenshot_2024_10_02_at_9.53.29_AM.jpeg" decoding="async" data-nimg="responsive" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%;object-fit:cover"/></span><div class="duet--media--caption pt-6 font-polysans-mono text-12 font-light leading-130 tracking-1"><figcaption class="duet--article--dangerously-set-cms-markup inline text-gray-13 dark:text-gray-e9 [&>a:hover]:text-black [&>a:hover]:shadow-underline-black dark:[&>a:hover]:text-gray-e9 dark:[&>a:hover]:shadow-underline-gray-63 [&>a]:shadow-underline-gray-13 dark:[&>a]:shadow-underline-gray-63"><em>Toyota is betting big on air taxis.</em></figcaption> <cite class="duet--article--dangerously-set-cms-markup inline not-italic text-gray-63 dark:text-gray-bd [&>a:hover]:text-gray-63 [&>a:hover]:shadow-underline-black dark:[&>a:hover]:text-gray-bd dark:[&>a:hover]:shadow-underline-gray [&>a]:shadow-underline-gray-63 dark:[&>a]:text-gray-bd dark:[&>a]:shadow-underline-gray">Image: Toyota</cite></div></figure></div></div></div></div><div class="relative md:mx-auto md:flex md:max-w-container-md lg:max-w-none"><div class="duet--article--article-body-component-container clearfix sm:ml-auto md:ml-100 md:max-w-article-body lg:mx-100"><div><div class="duet--article--article-body-component"><p class="duet--article--dangerously-set-cms-markup duet--article--standard-paragraph mb-20 font-fkroman text-18 leading-160 -tracking-1 selection:bg-franklin-20 dark:text-white dark:selection:bg-blurple [&_a:hover]:shadow-highlight-franklin dark:[&_a:hover]:shadow-highlight-blurple [&_a]:shadow-underline-black dark:[&_a]:shadow-underline-white">Toyota is <a href="https://global.toyota/en/newsroom/corporate/41625854.html">investing another $500 million in Joby Aviation</a> to support the air taxi startup’s certification and commercial production of eVTOL (electric vertical takeoff and landing) aircraft for use in a ridehailing service. The automaker has now invested a total of $894 million <a href="/2020/1/15/21068135/joby-aviation-toyota-flying-air-taxi-investment-amount">since 2018</a>.</p></div><div class="duet--article--article-body-component"><p class="duet--article--dangerously-set-cms-markup duet--article--standard-paragraph mb-20 font-fkroman text-18 leading-160 -tracking-1 selection:bg-franklin-20 dark:text-white dark:selection:bg-blurple [&_a:hover]:shadow-highlight-franklin dark:[&_a:hover]:shadow-highlight-blurple [&_a]:shadow-underline-black dark:[&_a]:shadow-underline-white">Toyota’s investment will come in the form of two $250 million tranches, the first of which will be completed this year and the second in 2025. The automaker will also establish a manufacturing alliance with Joby for the first commercialization phase. The companies had signed an agreement in 2023 to let Toyota make powertrain components for Joby’s air taxi.</p></div><div class="duet--article--article-body-component clear-both block"><div class="duet--media--embed min-h-[220px] mb-20 w-full"></div></div><div class="duet--article--article-body-component"><p class="duet--article--dangerously-set-cms-markup duet--article--standard-paragraph mb-20 font-fkroman text-18 leading-160 -tracking-1 selection:bg-franklin-20 dark:text-white dark:selection:bg-blurple [&_a:hover]:shadow-highlight-franklin dark:[&_a:hover]:shadow-highlight-blurple [&_a]:shadow-underline-black dark:[&_a]:shadow-underline-white">The California-based Joby Aviation is run by JoeBen Bevirt, who started the company in 2009. The company operated under the radar until its big $100 million investment round in 2018, which included participation from Intel, Toyota, and JetBlue. </p></div><div class="duet--article--article-body-component"><p class="duet--article--dangerously-set-cms-markup duet--article--standard-paragraph mb-20 font-fkroman text-18 leading-160 -tracking-1 selection:bg-franklin-20 dark:text-white dark:selection:bg-blurple [&_a:hover]:shadow-highlight-franklin dark:[&_a:hover]:shadow-highlight-blurple [&_a]:shadow-underline-black dark:[&_a]:shadow-underline-white">The money helped Joby develop a prototype and conduct test flights on a private airfield in Northern California. Toyota liked what it saw and sent its own engineers over to work side by side with Joby Aviation.</p></div><div class="duet--article--article-body-component"><p class="duet--article--dangerously-set-cms-markup duet--article--standard-paragraph mb-20 font-fkroman text-18 leading-160 -tracking-1 selection:bg-franklin-20 dark:text-white dark:selection:bg-blurple [&_a:hover]:shadow-highlight-franklin dark:[&_a:hover]:shadow-highlight-blurple [&_a]:shadow-underline-black dark:[&_a]:shadow-underline-white"><a href="/2024/6/4/24171086/job-acquire-xwing-autonomous-flight-evtol-air-taxi">Joby’s all-electric aircraft</a> has six rotors and seats five, including the pilot. The vehicle can take off vertically, like a helicopter, and then shift into forward flight using tilt rotors. Joby says it can reach a top speed of 200mph, travel 150 miles on a single battery charge, and is 100 times quieter than a conventional aircraft.</p></div><div class="duet--article--article-body-component"><p class="duet--article--dangerously-set-cms-markup duet--article--standard-paragraph mb-20 font-fkroman text-18 leading-160 -tracking-1 selection:bg-franklin-20 dark:text-white dark:selection:bg-blurple [&_a:hover]:shadow-highlight-franklin dark:[&_a:hover]:shadow-highlight-blurple [&_a]:shadow-underline-black dark:[&_a]:shadow-underline-white">The company recently performed a few exhibition flights in Manhattan and plans to start flying commercial passengers in places <a href="https://www.jobyaviation.com/news/joby-flies-quiet-electric-air-taxi-new-york-city/">like New York City and Los Angeles in 2025</a>.</p></div></div><div class="mb-40 mt-30"><button class="duet--article--comments-button group inline-flex h-40 w-full items-center justify-center rounded-[2px] border-[1px] 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