Toyota Motor Corporation has announced a significant investment of $500 million in Joby Aviation, an electric vertical takeoff and landing (eVTOL) company. This investment aims to bolster the final stages of development for Joby's electric air taxi aircraft. The financial support will be provided in two equal tranches across 2024 and 2025, further solidifying the partnership between the two manufacturers. Joby's CEO, JoeBen Bevirt, expressed gratitude for Toyota's long-standing collaboration, highlighting the crucial role of Toyota's knowledge and support in Joby's success. The first tranche of investment is expected to be in cash for common stock and is set to close later this year. The second tranche, subject to regulatory approvals, will close in 2025. Joby, which has already received $394 million from Toyota, is making significant progress towards certifying its eVTOL aircraft, with the company currently in the second to last stage of the process. The company has achieved notable milestones, including the construction of three eVTOL aircraft at its pilot production line and the development of an expanded factory in California to increase manufacturing capacity. Toyota's operating officer, Ted Ogawa, emphasized the importance of sustainable flight in addressing modern mobility challenges, echoing Joby's vision for the future of air travel. Joby's strong position in the eVTOL market is further solidified by its anticipation of being among the first to secure Federal Aviation Administration approval for its aircraft. The company has successfully completed significant tests, such as the first electric air taxi flight in New York City and the first forward flight test of a hybrid hydrogen-eVTOL aircraft.