Summary by ATFCars.com
Referenced article published on verticalmag.com on May 11, 2023 written by Ben Forrest. Link to original article:
Joby Aviation to accelerate early eVTOL production after new $180M investment
Joby Aviation, the prominent eVTOL manufacturer, is poised to amplify the production of its inaugural electric aircraft, courtesy of a hefty $180 million equity investment led by Baillie Gifford. The Silicon Valley aviation start-up, whose investors include names such as Tesla and Amazon, is now set to expedite its journey towards commercial operations by 2025.
This spontaneous investment has proven to be a game-changer, fortifying Joby’s financial standing and enabling it to advance production plans without disrupting funds allocated for aircraft certification. Joby’s anticipation to roll out its maiden aircraft in 2023 and launch commercial operations in 2025 continues undeterred.
A testament to its financial health, Joby announced over $1 billion in available funds, excluding the new investment. This follows a profitable quarter and a lucrative $55 million contract extension with the U.S. Department of Defense, which includes supplying up to nine aircraft for experience gathering and revenue generation.
Despite some perceptions of deviating from its vertical integration strategy, Joby confirms that the approach remains central to its business strategy. Its partnership with Toyota for the manufacturing of powertrain and actuation components is seen as a natural progression, given Toyota’s expertise in efficient scale manufacturing and production quality.