Toyota increased investment more than 500 million dollars

Toyota invests more than $ 500 million in Joby Aviation as a part of a partnership aiming to help the American Air Taxi company’s commercial business.

Companies said that Toyota’s investment will be used to support the certification and production of Joby’s electric air taxi, and Toyota Motor Corporation will increase its total investment in Joby to 894 million dollars. After the investment that will come in two equal slices this year and next year, Toyota will have about 22 %of Joby’s circulation shares.

“Today’s investment is based on approximately seven years of cooperation between our companies, Job Joeben Bevirt, the founder and CEO of Joby Aviation. “The information and support shared by Toyota was effective in Joby’s success, and we look forward to deepening our relationship while fulfilling our common vision for the future of the air travel.”

Joby said that he had recently removed his third aircraft from the production line and that the fourth of five certificates continued in August.

In addition to cash investment, Toyota spends time and human resources to share design and production methods. Japanese automobile manufacturer, engineers at the headquarters of California Joby’nin work with the team, he said.

Last year, companies signed a long -term agreement for Toyota to supply important power transfer organs and other components for the production of Joby’s plane.