Latest news with #Tetsuo'Ted'Ogawa
The Star
3 days ago
- Business
- The Star
Toyota becomes top shareholder in Joby Aviation
The latest tranche raises Toyota's stake to 15.3%. — Bloomberg TOKYO: Toyota Motor Corp has invested US$250mil in Joby Aviation Inc, completing the first half of a previously announced US$500mil commitment and becoming the air taxi maker's largest shareholder. The investment, originally expected to close in 2024, is part of Toyota's pledge to boost its total funding in the Santa Cruz, California-based company to US$894mil. The latest tranche raises Toyota's stake to 15.3%, surpassing that of Joby chief executive officer (CEO) JoeBen Bevirt. A US spokesman for Toyota confirmed the payment. Joby has said it expects the second tranche from Toyota to close later this year. The stock had closed regular trading Tuesday down about 15% for the year. Joby is among a handful of companies developing eVTOL aircraft – electric vertical takeoff and landing vehicles – that plan to fly customers on short commuter journeys via battery-powered air taxis. 'This milestone further cements the collaboration and alignment between our two companies,' Tetsuo 'Ted' Ogawa, CEO of Toyota North America, said in a statement Tuesday. Joby said recently it now aims to start commercial services in Dubai by early 2026 after having previously targeted the end of this year. Certification for flight operations by the US Federal Aviation Administration and regulators in other countries is still pending. Toyota began financing Joby in 2020, two years after its venture capital arm participated in a funding round. — Bloomberg Trading ideas: Samaiden, Pestech, Jati, Paradigm REIT, Bursa, MPI, THB, HLB, TM, Axiata, MISC, Genting Plantations, IOIProp, SimeProp, Kerjaya, AAX, 7-Eleven
Daily Express
4 days ago
- Automotive
- Daily Express
Toyota becomes top shareholder in air taxi maker Joby
Published on: Wednesday, May 28, 2025 Published on: Wed, May 28, 2025 By: Bloomberg Text Size: Toyota Motor Corp invested US$250 million in Joby Aviation, completing half of its previously announced commitment. (Joby Aviation pic) TOKYO: Toyota Motor Corp has invested US$250 million in Joby Aviation Inc, completing the first half of a previously announced US$500 million commitment and becoming the air taxi maker's largest shareholder. The investment, originally expected to close in 2024, is part of Toyota's pledge to boost its total funding in the Santa Cruz, California-based company to US$894 million. The latest tranche raises Toyota's stake to 15.3%, surpassing that of Joby Chief Executive Officer JoeBen Bevirt. A US spokesman for Toyota confirmed the payment. Joby has said it expects the second tranche from Toyota to close later this year. Joby shares rose 3.5% to US$7.12 as of 6.20pm in extended trading in New York. The stock had closed regular trading Tuesday down about 15% for the year. Joby is among a handful of companies developing eVTOL aircraft — electric vertical takeoff and landing vehicles — that plan to fly customers on short commuter journeys via battery-powered air taxis. 'This milestone further cements the collaboration and alignment between our two companies,' Tetsuo 'Ted' Ogawa, CEO of Toyota North America, said in a statement Tuesday. Advertisement Joby said recently it now aims to start commercial services in Dubai by early 2026 after having previously targeted the end of this year. Certification for flight operations by the US Federal Aviation Administration and regulators in other countries is still pending. Toyota began financing Joby in 2020, two years after its venture capital arm participated in a funding round.
Malaysian Reserve
4 days ago
- Automotive
- Malaysian Reserve
Toyota becomes top shareholder in air taxi maker Joby
TOYOTA Motor Corp. has invested $250 million in Joby Aviation Inc., completing the first half of a previously announced $500 million commitment and becoming the air taxi maker's largest shareholder. The investment, originally expected to close in 2024, is part of Toyota's pledge to boost its total funding in the Santa Cruz, California-based company to $894 million. The latest tranche raises Toyota's stake to 15.3%, surpassing that of Joby Chief Executive Officer JoeBen Bevirt. A US spokesman for Toyota confirmed the payment. Joby has said it expects the second tranche from Toyota to close later this year. Joby shares rose 3.5% to $7.12 as of 6:20 p.m. in extended trading in New York. The stock had closed regular trading Tuesday down about 15% for the year. Joby is among a handful of companies developing eVTOL aircraft — electric vertical takeoff and landing vehicles — that plan to fly customers on short commuter journeys via battery-powered air taxis. The investment, originally expected to close in 2024, is part of Toyota's pledge to boost its total funding in the Santa Cruz, California-based company to $894 million. The latest tranche raises Toyota's stake to 15.3%, surpassing that of Joby Chief Executive Officer JoeBen Bevirt. A US spokesman for Toyota confirmed the payment. Joby has said it expects the second tranche from Toyota to close later this year. Joby shares rose 3.5% to $7.12 as of 6:20 p.m. in extended trading in New York. The stock had closed regular trading Tuesday down about 15% for the year. Joby is among a handful of companies developing eVTOL aircraft — electric vertical takeoff and landing vehicles — that plan to fly customers on short commuter journeys via battery-powered air taxis. 'This milestone further cements the collaboration and alignment between our two companies,' Tetsuo 'Ted' Ogawa, CEO of Toyota North America, said in a statement Tuesday. Joby said recently it now aims to start commercial services in Dubai by early 2026 after having previously targeted the end of this year. Certification for flight operations by the US Federal Aviation Administration and regulators in other countries is still pending. Toyota began financing Joby in 2020, two years after its venture capital arm participated in a funding round. –BLOOMBERG
Business Wire
4 days ago
- Automotive
- Business Wire
Joby Aviation Announces Closing of $250 Million Investment
SANTA CRUZ, Calif.--(BUSINESS WIRE)--Joby Aviation, Inc. (Joby; NYSE: JOBY), a company developing electric air taxis for commercial passenger service, announced the successful closing of the first $250 million tranche of a previously announced strategic investment from Toyota Motor Corporation. The funding marks a significant milestone in strengthening the long-term collaboration between the two companies and supports their shared vision for the future of air mobility. The investment is aimed at supporting certification and commercial production of Joby's electric air taxi. This underscores the mutual commitment to deepening integration and delivering next generation travel to global markets. This investment also puts the two companies a step closer toward a strategic manufacturing alliance. 'We're already seeing the benefit of working with Toyota in streamlining manufacturing processes and optimizing design,' said JoeBen Bevirt, founder and CEO of Joby. 'This is an important next step in our alliance with Toyota to scale the promise of electric flight. With this capital and Toyota's legendary production expertise, we're enhancing our ability to scale cutting-edge design and manufacturing to meet the demands of our partners and customers.' 'This milestone further cements the collaboration and alignment between our two companies,' said Tetsuo 'Ted' Ogawa, CEO of Toyota North America. 'Our investment in Joby reflects our shared dream of mobility for all and our commitment to achieving a future of air mobility.' About Joby Joby Aviation, Inc. (NYSE:JOBY) is a California-based transportation company developing an all-electric, vertical take-off and landing air taxi which it intends to operate as part of a fast, quiet, and convenient service in cities around the world. To learn more, visit Forward-Looking Statements This release contains 'forward-looking statements' within the meaning of the 'safe harbor' provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding the development and performance of our aircraft, the growth of our manufacturing capabilities, our regulatory outlook, progress and timing; our business plan, objectives, goals and market opportunity; and plans for, and potential benefits of, our strategic partnerships, including our strategic manufacturing alliance with Toyota. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as 'anticipate', 'estimate', 'expect', 'project', 'plan', 'intend', 'believe', 'may', 'will', 'should', 'can have', 'likely' and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. All forward looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including: our ability to launch our air taxi service and the growth of the urban air mobility market generally; our ability to produce aircraft that meet our performance expectations in the volumes and on the timelines that we project; our ability to satisfy the closing conditions, including the negotiation of certain agreements and required shareholder approvals, required to receive the second tranche of the investment from Toyota on the expected timelines or at all; complexities related to obtaining certification and operating in foreign markets; the competitive environment in which we operate; our future capital needs; our ability to adequately protect and enforce our intellectual property rights; our ability to effectively respond to evolving regulations and standards relating to our aircraft; our reliance on third-party suppliers and service partners; uncertainties related to our estimates of the size of the market for our service and future revenue opportunities; and other important factors discussed in the section titled 'Risk Factors' in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission (the 'SEC') on February 27, 2025, our Quarterly Report on Form 10-Q filed with the SEC on May 8, 2025, and in future filings and other reports we file with or furnish to the SEC. Any such forward looking statements represent management's estimates and beliefs as of the date of this release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.
