Toyota Invests More IDR 7 Trillion for Flying Taxi Expansion in the US
- AP News
United States, VIVA – Toyota has formed a partnership with Joby Aviation, a flying taxi company in the United States (US).
This Japanese manufacturer is increasing its investment by US$500 million, equivalent to IDR 7.66 trillion.
Toyota’s investment will be used to support certification and production of Joby’s electric air taxi, the companies said Wednesday, and brings Toyota Motor Corporation’s total investment in Joby to $894 million.
After the investment, which will come in two equal tranches later this year and next, Toyota will own about 22 percent of Joby’s outstanding shares, as quoted from AP site.
“The investment builds on nearly seven years of collaboration between our companies,” said JoeBen Bevirt, founder and CEO, Joby Aviation.
He added, “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,"
Logo Toyota
- VIVA/Purna Karyanto
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.
The Japanese automaker said its engineers are working with Joby’s team at its California headquarters.
Last year, the companies signed a long-term agreement for Toyota to supply key powertrain and other components for the production of Joby’s aircraft.
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