Joby Aviation, a developer of electric aerial vehicles (EAVs), has announced its plans for a public offering of common stock, seeking to raise $202 million. The company intends to allocate the proceeds from this offering to support its certification and manufacturing initiatives, prepare for commercial operations, and address general corporate expenses. The public offering price has been set at $5.05 per share, according to a regulatory filing.
This public offering follows a substantial $500 million investment from Toyota, which has now invested a total of $894 million in Joby since their partnership began in 2019. Initially, Toyota’s investment was $394 million, and the two companies have since established a collaborative relationship, with Toyota engineers working alongside Joby staff in California. “Toyota shares knowledge of its systems for planning, manufacturing methods, and tooling design,” Joby noted in a recent update.
As part of their long-term agreement, Toyota will supply essential powertrain and actuation components for Joby’s EAVs. The latest funding from Toyota is structured in two parts, with the first allocation expected later this year and the second planned for 2025. This financing also includes plans for a manufacturing alliance during the initial phase of Joby’s commercial operations.
The announcement of Joby’s public offering comes shortly after the German eVTOL (electric vertical takeoff and landing) manufacturer Lilium revealed it was facing insolvency due to the denial of a $54 million loan guarantee from the government of Bavaria.
Joby Aviation has recently applied to become the first certified air taxi operator in the United Arab Emirates, where it has established partnerships with local government bodies, including the Department of Municipalities and Transport Abu Dhabi, to facilitate the development of flying taxi services in the region. The company’s EAV is designed to carry a pilot and four passengers, with a cruising speed of up to 200 mph. Joby plans to operate its aerial vehicles in major U.S. cities, including New York City and Los Angeles, in collaboration with Delta Air Lines.
To date, Joby has raised over $2 billion from various partners, including Delta Air Lines, SK Telecom, and Uber, and has completed more than 33,000 miles of flight testing with its full-scale prototype. While Joby is partnered with Delta, Archer Aviation, another significant player in the air taxi sector, has formed an alliance with United Airlines.
