Toyota Motor Corporation (Toyota; NYSE: TM) and Joby Aviation, Inc. (Joby; NYSE:JOBY), a company developing electric air taxis for commercial passenger service, announced that Toyota will invest up to US$500 million into Joby, with the aim of realizing the two companies’ shared vision of air mobility. The investment, which will be made in two equal tranches, is subject to regulatory approvals and certain other conditions, including the finalization of a strategic alliance focused on commercial manufacturing.
Latham & Watkins LLP represented Joby Aviation in the transaction with a corporate team led by partners Ross McAloon and Tad Freese.
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