Toyota Motor Corporation has agreed to collaborate with Joby Aviation (Joby), a California-based company developing and commercializing electric vertical takeoff and landing (eVTOL) aircraft, as a new aerial mobility business. Toyota will invest $394 million in Joby.

Mobility services using eVTOL, often called "flying taxis," are expected to help solve various transportation challenges, such as urban congestion, reducing environmental impact, and ensuring transportation in depopulated areas.

Toyota believes that the technologies for developing and manufacturing eVTOL share many commonalities with those for next-generation environmentally friendly vehicles in areas such as electrification, new materials, and connectivity. This synergy with its automotive business holds the potential to develop into a new mobility business.

In this collaboration with Joby, Toyota will contribute from the perspective of production engineering, engaging in the design, materials, and electrification technology development, while also sharing its expertise in the Toyota Production System (TPS). The ultimate goal is to mass-produce eVTOLs that meet stringent standards for quality, reliability, safety, and cost.

Akio Toyoda, President of Toyota Motor Corporation, commented, "In addition to our automotive business, Toyota is now embarking on a new aerial mobility venture with a strong partner, Joby. Aerial mobility holds the potential to profoundly transform how people move and live in the future mobility society, and realizing aerial mobility has been a dream of Toyota since its founding."

Toyota will invest $394 million in Joby, and Executive Vice President Shigeki Tomoyama will join Joby's board of directors.