Toyota and Joby Complete First Air Taxi Flight in Japan

• Flight took place at Toyota’s facility in Shizuoka
• Marks Joby’s first international exhibition flight
• Follows announcement that Toyota will invest a further $500 million to support certification and commercial production of Joby’s aircraft

Toyota Motor Corporation (Toyota; NYSE: TM) and Joby Aviation, Inc. (Joby; NYSE:JOBY), a company developing electric air taxis for commercial passenger service, today announced the completion of Joby’s first international exhibition flight which took place at Toyota’s Higashi-Fuji Technical Center in Shizuoka, Japan earlier this week.

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A Joby production prototype electric air taxi flying in front of Mount Fuji in Shizuoka, Japan. Photo: Joby Aviation

The flight, completed within sight of Mount Fuji, marked an opportunity to demonstrate the low acoustic footprint of Joby’s emissions-free aircraft and celebrate nearly seven years of collaboration between the two companies, during which time Toyota has supported Joby by providing insights from its extensive automotive manufacturing and technology expertise. Toyota engineers now work side-by-side with the Joby team in California and, in 2023, the two companies signed a long-term agreement for Toyota to supply key powertrain and actuation components for the production of Joby’s aircraft.

"Our first overseas flight marks a significant milestone on our journey towards making clean air travel an everyday reality,” said JoeBen Bevirt, Founder and CEO of Joby. “We share Toyota’s vision for the future of mobility and are honored to have had the opportunity to present a glimpse of that future through our flight in Japan.”

A wide range of stakeholders gathered at the test facility for an event to celebrate the exhibition flight and historic milestone, including Akio Toyoda, Chairman of Toyota Motor Corporation, and representatives of Japan’s Civil Aviation Bureau.

At the event, Hiroki Nakajima, executive vice president and chief technology officer of Toyota Motor Corporation, said: “Air mobility has the potential to change our ‘sense of distance and time,’ and open a future with the new option of air mobility that will further enrich the lives of many people.”

“Toyota is committed to deepening our collaboration with Joby and we will continue to work together to realize our shared dreams,” he continued.

Joby’s electric air taxi is designed to carry a pilot and four passengers at speeds of up to 200 mph, offering high-speed mobility with zero operating emissions and a fraction of the noise produced by helicopters. This new mobility service aims to reduce traffic congestion, minimize environmental impact, and provide transportation solutions for urban and rural regions, demonstrating the potential to address various transportation challenges in Japan and around the world. Joby was founded in 2009 and has since completed thousands of test flights, including exhibition flights from the iconic Downtown Manhattan Heliport in New York City.

Today’s news comes weeks after Toyota committed to invest an additional $500 million in Joby, to support the certification and commercial production of the Company’s electric air taxi. The additional funds will bring Toyota Motor Corporation’s total investment in Joby to $894 million and include plans to establish a manufacturing alliance to support the first phase of commercialization. The investment will be made in two equal tranches and is subject to standard regulatory approvals and certain other conditions, finalization of collaborative and commercial 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.

Media assets, including photos and footage of Joby’s aircraft flying in Japan, as well as photos of the celebratory event, are available here.

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 www.jobyaviation.com.

About Toyota

Toyota (NYSE:TM), creator of the Prius hybrid and the Mirai fuel cell vehicle, is committed to building vehicles for the way people live through our Toyota and Lexus brands, and directly employs more than 63,000 people in North America (more than 49,000 in the U.S.).

Over the past 65 years, Toyota has assembled nearly 47 million cars and trucks in North America at the company’s 12 manufacturing plants. By 2025, the company’s 13th plant in North Carolina will begin to manufacture automotive batteries for electrified vehicles.

Through our more than 1,800 North American dealerships (nearly 1,500 in the U.S.), Toyota sold more than 2.6 million cars and trucks (more than 2.2 million in the U.S.) in 2023, of which more than one quarter were electrified vehicles (full battery, hybrid, plug-in hybrid and fuel cell).

For more information about Toyota, visit www.ToyotaNewsroom.com.

Forward Looking Statements

This press 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 Joby’s aircraft, the growth of Joby’s manufacturing capabilities, the regulatory outlook, progress and timing; planned operations; business plan, objectives, goals and market opportunity; the timing and general completion of Toyota’s investment in Joby and the expected amount of proceeds; the satisfaction of conditions to the funding of the investment; and the commercial relationship between Toyota and Joby. 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 from those implied by the forward-looking statements. Among those risks and uncertainties are market conditions, the satisfaction of the closing conditions related to each tranche of the investment and risks relating to Joby’s and Toyota’s business, including those described in periodic and current reports that Toyota and Joby file from time to time with the Securities and Exchange Commission. Toyota and Joby may not consummate the investment described in this press release and, if the investment is consummated, no assurances can be provided regarding its ability to effectively apply the proceeds of the investment or the success of the expanded alliance among Joby and Toyota. The forward-looking statements included in this press release speak only as of the date of this press release, and Toyota and Joby do not undertake to update the statements included in this press release for subsequent developments, except as may be required by law.

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