SANTA CRUZ, Calif. -- Joby Aviation, eVTOL developer and Uber Elevate partner, announced Jan. 15 that their third wave of financing has come to a close with a total of $590 million raised to launch their air taxi service. As part of this final financing, Toyota has invested $394 million, the largest share of Joby's Series C financing. Joby notes that this third wave of investment will mark the final funding push by the eVTOL developer as it pushes for FAA certification to meet the UberAir goal of reaching the market by 2023. This marks the second time that Toyota has invested in the urban air mobility market, also investing during Joby's Series B financing, which collectively raised over $130 million for the company back in 2018. This most recent investment in Joby highlights Toyota's commitment to emerging technologies and providing what they call "Mobility for All." In addition to this financing, Toyota will share its expertise in manufacturing, quality and cost controls for the development and production of Joby Aviation's eVTOL aircraft.
This investment from Toyota follows a trend in large automotive companies investing in the urban air mobility market. Earlier this month, Hyundai entered the space as the eighth partner in Uber Elevate. The automotive industry has shown its interest in the urban air market as eVTOLs are providing solutions to modern mobility challenges. In particular, the urban air market is expected to see the largest amount of growth in the Asian market and the race for Asian automotive companies to join the space highlight the region's commitment to developing alternatives to combat the growing traffic congestion in urban areas.
Source: https://news.jobyaviation.com/2020/01/15/toyota-and-joby-aviation-are-flying-to-new-heights-together/
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