Joby has said it has plans to produce parts for its aircraft in Dayton. One reason why Joby chose Dayton as a manufacturing location last year is the largest North American plant of Joby’s biggest investor, Toyota, is at Georgetown assembly complex, about two hours away in Northern Kentucky.
“We have Toyota engineers who have been working shoulder-to-shoulder with our team for the past four years in Marina,” Joby Chief Executive JoeBen Bevirt told the Dayton Daily News last year. “Some of those employees have spent time in the facility in Kentucky. Being able to tap into the incredible manufacturing prowess of the Toyota team in Kentucky and get them to help ramp (up) our facility in Dayton would be really incredible.”
The newly announced investment, which will be made in two equal tranches, is subject to standard regulatory approvals and certain other conditions, finalization of agreements and, with respect to the second tranche, the finalization of terms related to a strategic alliance focused on commercial manufacturing and certain other conditions, Joby said.
The investment, which will bring Toyota’s total investment in Joby to $894 million, will be made in the form of cash for common stock, with the first tranche targeted to close later this year and the second in 2025.
Further details of the investment will be made available in filings with the SEC, the company said.
“Today’s investment builds on nearly seven years of collaboration between our companies,” Bevirt said in a new statement. “The knowledge and support shared by Toyota have been instrumental in Joby’s success and we look forward to deepening our relationship as we deliver on our shared vision for the future of air travel.”
“With this additional investment, we are excited to see Joby certify their aircraft and shift to commercial production,” said Tetsuo “Ted” Ogawa, who signed the agreement on behalf of Toyota. “We share Joby’s view that sustainable flight will be central to alleviating today’s persistent mobility challenges.”
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