**Toyota Increases Investment in Joby Aviation with an Additional $500 Million**

Toyota Motor Corporation has announced a significant increase in its investment in Joby Aviation, a company pioneering electric air taxis for commercial use. This new investment of $500 million is set to be rolled out in two equal parts, with the first scheduled to close later this year and the second in 2025. The funds are earmarked to support the certification and commercial production of Joby's innovative electric air taxi.

The partnership was strengthened by a formal signing ceremony held at Toyota's North American regional headquarters in Plano, Texas, featuring Tetsuo "Ted" Ogawa, Operating Officer of Toyota Motor Corporation, and JoeBen Bevirt, founder and CEO of Joby Aviation.

This investment, subject to standard regulatory approvals and other conditions, will elevate Toyota’s total contributions to Joby to $894 million. Toyota's support has been pivotal for Joby, fostering a deepened relationship that aims at revolutionizing the future of air mobility.

In addition to financial backing, Toyota has been actively involved since 2019, sharing its manufacturing expertise, including the acclaimed Toyota Production System. This collaboration has advanced to a stage where Toyota engineers now work closely with the Joby team in California. By 2023, the companies formalized a long-term agreement for Toyota to supply key components for Joby's aircraft.

Joby Aviation has made considerable strides in its journey toward commercial production, recently rolling its third aircraft off the production line in Marina, California, and breaking ground on an expanded facility to double its manufacturing capacity. Additionally, Joby has made significant progress in its aircraft certification, with the fourth stage being more than one-third complete as of August 2024.

Toyota's investment underscores its long-term vision of transforming into a mobility company, a goal pursued by the company's founding family for generations. The investment terms include plans for a strategic manufacturing alliance, which is expected to further embed sustainable flight into the fabric of modern mobility solutions.

The shares involved in this investment will be sold under certain regulatory conditions, compliant with the Securities Act of 1933 and other applicable jurisdictions' securities laws. This substantial commitment from Toyota is a testament to the mutual confidence and shared vision between the two corporations for a future with advanced air travel.