Toyota Motor Corporation announced on Tuesday that it will establish a joint venture with U.S. aerospace startup Joby Aviation to produce electric vertical takeoff and landing aircraft (eVTOL), commonly known as flying cars.
The two companies aim to expand their production capacity to meet growing global demand while refining their manufacturing systems for full-scale commercial production.
According to the Yomiuri Shimbun, the new joint venture will be established in California. Toyota will invest 1.02 million USD to secure a 51% stake, while Joby will contribute 980,000 USD for a 49% stake.
By securing a majority stake, Toyota will take the lead in the eVTOL manufacturing process.
Toyota Chairman Akio Toyoda expressed optimism, stating that this strengthened partnership is expected to be a significant step toward realizing a future mobility society.
Industry analysts view this decision as a clear indication of Toyota’s strategy to capture the next-generation mobility market.
Joby gained attention as an eVTOL company after demonstrating a test flight with ANA Holdings at the Osaka-Kansai World Expo last year.
The core aircraft model that the two companies will produce, known as the S4, is a five-passenger electric aircraft with a maximum range of 99 miles (about 160 kilometers), positioning it as a strong contender for commercializing flying cars.
Currently, Joby is in the process of obtaining the necessary type certification from Japanese authorities for commercial flights. The newly established joint venture will focus on producing prototypes for the certification review and developing a mass production system.
Toyota began collaborating with Joby in 2019 and made its first investment in 2020. To date, it has announced a total investment of 894 million USD and has been providing Joby with expertise in mass production, design support, and parts supply.