Joby Aviation Raises $590 Million in Series C Financing to Launch Air Taxi Service

Toyota Motor Corporation Leads the Investment Round with $394 Million Investment

Santa Cruz, CA, January 15, 2020 – Joby Aviation, a pioneer in the development of an electric air taxi, has raised $590 million in Series C funding led by Toyota Motor Corporation. Prior investors, including SPARX Group, Intel Capital, Capricorn Investment Group, JetBlue Technology Ventures, Toyota AI Ventures, and AME Cloud Ventures, also contributed to the round, and were joined by new investors Baillie Gifford and Global Oryx (ALJ family’s investment arm). Shigeki Tomoyama, the Executive Vice President of Toyota Motor Corporation, will join Joby Aviation’s board of directors. This new investment brings the Company’s total funding, including previous rounds, to $720 million. 

Joby Aviation’s mission is to bring fast, affordable, and zero-emissions air mobility to communities worldwide. Over the past 10 years, the Company’s team of engineers and physicists has developed a quiet, all-electric VTOL (vertical take-off and landing) aircraft, which will be instrumental in the commercial launch of the emerging on-demand urban air taxi market. Toyota will share its expertise in manufacturing, quality, and cost controls to support the development and production of Joby Aviation’s aircraft. This support, along with the capital investment, will accelerate the certification and deployment of this new mode of local transportation.

“We are building a new system for transportation to transform your daily life, at greater safety and, in time, at a similar cost to driving,” said Joby Aviation founder and CEO JoeBen Bevirt. “This collaboration with Toyota represents an unprecedented commitment of money and resources for us and this new industry from one of the world’s leading automakers. Toyota is known globally for the quality and reliability of their products driven by meticulous attention to detail and manufacturing processes. I am excited to harness Toyota’s engineering and manufacturing prowess helping to drive us to achieve our dream of saving a billion people an hour a day.”

“Air transportation has been a long-term goal for Toyota, and while we continue our work in the automobile business, this agreement sets our sights to the sky,” said Toyota President and CEO Akio Toyoda. “As we take up the challenge of air transportation together with Joby, an innovator in the emerging eVTOL space, we tap the potential to revolutionize future transportation and life. Through this new and exciting endeavor, we hope to deliver freedom of movement and enjoyment to customers everywhere, on land, and now, in the sky.”

About the aircraft:

Joby Aviation’s aircraft is a piloted, five-seat vehicle capable of both vertical takeoff and landing and highly efficient, wingborne forward flight. It is capable of speeds of 200 miles per hour and can fly over 150 miles on a single charge. The aircraft is 100 times quieter than conventional aircraft during takeoff and landing, and near-silent when flying overhead. The passenger experience is optimized for comfortable ride-sharing operations and efficient entry and exit.

About Joby Aviation

Joby Aviation is a California-based aerospace company that is developing and commercializing all-electric vertical takeoff and landing aircraft (designated by the FAA as the S4) to enable the deployment of fast, quiet, and affordable air taxi services. The Company’s mission is to get people to their destination five times faster than driving, reduce urban congestion, and accelerate the shift to sustainable modes of transit. Founded in 2009, Joby pioneered the development of eVTOL aircraft and has offices in Santa Cruz, San Carlos, and Marina, CA. You can find more information at http://www.jobyaviation.com.

Press contact: Mojgan Khalili, press@joby.aero, 408-489-4015

About the aircraft: Joby Aviation’s aircraft is designed for 4 passengers plus a pilot. It can travel more than 150 miles on a single charge, is 100 times quieter than conventional aircraft during takeoff and landing, and is near-silent in flyover.

  • Aircraft type: Piloted, all-electric vertical takeoff and landing (eVTOL) air taxi
  • Source of power: All-electric, zero emissions
  • Capacity: Designed for four passengers plus a pilot
  • Sound: The aircraft is 100 times quieter than conventional aircraft during takeoff and landing, and near-silent when flying overhead.
  • Range: The aircraft is capable of speeds of 200 miles per hour and can fly over 150 miles on a single charge.
  • Cost: The aircraft will be operated as a service with per-trip passenger pricing. Over time, that price should approach the cost of ground transportation.
  • Redundancy: High levels of redundancy designed into the aircraft enhance safety and reliability.

Toyota and Joby Aviation are Flying to New Heights Together

  • Toyota to share expertise in manufacturing, quality and cost controls for the development and production of Joby Aviation’s breakthrough eVTOL aircraft
  • Toyota has invested $394M as lead investor in Joby’s Series C financing

SANTA CRUZ, CA (January 15, 2020) Toyota is exploring a new flight path for mobility through a new collaboration with Joby Aviation (Joby), an aerospace company that is developing and commercializing all-electric vertical take-off and landing (eVTOL) aircraft to enable the deployment of fast, quiet and affordable air transportation services. The collaboration reflects Toyota’s recognition of the long-term potential of the urban air mobility market to meet the evolving needs of society, as well as Joby’s position as an industry leader in working to deliver safe and affordable air travel to everyone.

“Air transportation has been a long-term goal for Toyota, and while we continue our work in the automobile business, this agreement sets our sights to the sky,” said Toyota Motor Corporation President and CEO Akio Toyoda. “As we take up the challenge of air transportation together with Joby, an innovator in the emerging eVTOL space, we tap the potential to revolutionize future transportation and life. Through this new and exciting endeavor, we hope to deliver freedom of movement and enjoyment to customers everywhere, on land, and now, in the sky.”

As the lead investor in Joby’s $590M Series C financing, Toyota is continuing to leverage emerging technologies to provide “Mobility for All.” In addition to investing $394M in Joby, Toyota will share its expertise in manufacturing, quality and cost controls for the development and production of Joby Aviation’s breakthrough eVTOL aircraft. Joby’s design is well matched to serve the needs of an emerging air transportation market where commuters and travelers embrace the benefits of aviation on a daily basis within and between urban centers. More details of the prototype aircraft and production plans will be announced at a later date.

Joby Aviation founder and CEO JoeBen Bevirt said: “This collaboration with Toyota represents an unprecedented commitment of money and resources for us, and for this new industry, from one of the world’s leading automakers. Toyota is known globally for the quality and reliability of their products driven by meticulous attention to detail and manufacturing processes. I am excited to harness Toyota’s engineering and manufacturing prowess to drive us toward our dream of helping a billion people save an hour+ commuting time every day.”

Both companies believe that leveraging synergies with the automobile technologies as well as integrating best practices from the Toyota Production System will help facilitate the efficient mass production of these aircraft, while also helping Joby deliver high quality, durable and reliable aircraft, and meeting exacting safety standards.

Toyota Motor Corporation Executive Vice President Shigeki Tomoyama will join Joby’s board of directors and play an active role in setting strategic direction at the Board level.

Automotive Meets Aviation

Toyota is embracing emerging technologies as it transforms into a mobility company that is better equipped to meet the unique mobility needs of individuals everywhere. The new collaboration with Joby Aviation is anticipated to help bring urban on-demand air transportation into the mainstream and initiate a new category of moving people and goods.

It is anticipated that eVTOLs will help to create new mobility services with the potential to help alleviate persistent mobility challenges. Those challenges include traffic congestion in urban areas, increased environmental burden and the lack of transportation in underpopulated areas, among others.

Joby is a leader in the development of eVTOL aircraft which combine elements of helicopters and small airplanes, offering benefits that include high reliability, zero emissions, fast flight speeds and quiet operations. The aircraft also offers lower operating costs, lower costs of maintenance, and enhanced safety features.

For information about Joby, go to http://joby.aero.

About Toyota Motor Corporation

Toyota Motor Corporation (TMC) is the global mobility company that introduced the Prius hybrid-electric car in 1997 and the first mass-produced fuel cell sedan, Mirai, in 2014. Headquartered in Toyota City, Japan, Toyota has been making cars since 1937. Today, Toyota proudly employs 370,000 employees in communities around the world. Together, they build around 10 million vehicles per year in 27 countries and regions, from mainstream cars and premium vehicles to mini-vehicles and commercial trucks, and sell them in more than 170 countries and regions under the brands Toyota, Lexus, Daihatsu and Hino. For more information, please visit www.toyota-global.com.