Air taxi maker Joby bags two major eVTOL deals as April ends

Leading developer of battery-powered air taxis, Joby, is finishing April with a pair of major business accords, including a deal worth $55 million to provide its electric vertical takeoff and landing planes (eVTOL) and flight training to the US Air Force.

Joby said its commitment to deliver and operate up to nine of its five-seat eVTOL air taxis to the US Air Force and other agencies was valued at $55 million. That extended the total amount of its provisional deals with the Air Force to as much as $131 million. 

On Thursday, meanwhile, Joby announced a separate agreement under which its longtime investor Toyota Motor Corporation Inc. will supply key powertrain and actuation components for the next- generation aircraft.

Read: AAM company Joby completes second phase of FAA air taxi certification

Its accord with the US Air Force marks the first revenue generating activity in Joby’s eVTOL development efforts, yet promises to be even more valuable in providing insights applicable to the company’s aircraft certification and launch of commercial air taxi operations.

Under the agreement, Joby will retain ownership of the eVTOLs it will train US Air Force pilots to operate, with the first of those air taxis expected to be delivered to Edwards Air Force base in early 2024. Those will be used for cargo and passenger transport and other purposes, and provide emissions-free flights that won’t require the usual and expensive stockpiling of fuel.

In offering those eVTOL services under the US Air Force’s Agility Prime program, meanwhile, Joby will also gain deeper experience – and in a much shorter period of time – into its pilot training, maintenance, and charging methods and capabilities than it would have in testing them on an exclusively in-house trial basis.

“The Agility Prime program is a remarkably successful example of how public-private partnerships can deliver trailblazing technology at speed,” said Joby CEO JoeBen Bevirt. “We’re grateful for the support of the program and for the US government’s wider commitment to global leadership in this important new sector. As well as allowing us to explore the wide range of potential use cases across the US government, our defense partners have also provided us with high-impact support as we prepare for commercial operations in 2025.” 

Read: NASA AAM team prepares flight tech using Joby’s air taxi simulator

In its deal with Toyota, Joby transforms what had largely been a financial relationship into an industrial partnership, with the Japanese automotive giant providing air taxi powertrain and electronics components that will be mounted on eVTOL at assembly facilities in California.

“We are very pleased to have reached this milestone with our key partner,” said Toyota president Keiji Yamamoto. “Our mutual goal is mass production of eVTOL and helping Joby apply the best practices of the Toyota Production System in meeting high quality, reliability, safety, and strict cost standards… as we seek to realize Mobility for All with a seamlessly integrated air-to-ground mobility network.”