eVTOL air taxi developer Joby Aviation has secured a fresh round of funding from previous investor Toyota Motor Corporation, totaling $500 million. With its investment, Toyota’s total funding committed to the eVTOL specialist inches closer to $1 billion. The money will help Joby secure flight certification and begin commercial production of its sustainable aerial technology.
In terms of our coverage of electric vertical takeoff and landing (eVTOL) aircraft, Joby Aviation ($JOBY) has held a mainstay in the beat as it remains one of the more promising startups in a growing segment that is quickly becoming crowded.
Since beginning as a small team of seven engineers back in 2009, Joby has grown to a staff of over 1,500 people who operate out of its headquarters in Marina, California, as well as additional offices in Santa Cruz, San Carlos, Washington, DC, and Munich, Germany.
Part of its success is early believers in its eVTOL technology, which has invested hundreds of millions in funding, including Toyota Motor Corporation. Since 2019, Toyota has been a strategic investor in Joby and its eVTOL technology. The Japanese OEM has even deployed dozens of its own engineers to work alongside Joby’s engineers to help the aviation company determine its eVTOL factory layout and manufacturing processes and prepare for high-volume production in the US.
Recently, Toyota nearly doubled its previous investments in Joby Aviation to help the company reach certification and scaled production of its eVTOL air taxis.
Toyota’s investment in Joby eVTOLs reaches $894 million
Per a recent release from Joby Aviation, Toyota Motor has committed to a new investment of $500 million which will be divided into two equal portions. The first half of the payment is targeted to close before the end of 2024, with the second to follow sometime in 2025.
When completed, the $500 million financial commitment will bring Toyota Motor’s total investment in Joby up to $894 million and will consist of cash in exchange for common stock. Tetsuo “Ted” Ogawa (seen above), the operating officer who inked the agreement on behalf of Toyota Motor Corporation, spoke about the automaker’s faith in Joby’s eVTOL technology and its desire to help contribute to “a shared vision of air mobility.”
With this additional investment, we are excited to see Joby certify their aircraft and shift to commercial production. We share Joby’s view that sustainable flight will be central to alleviating today’s persistent mobility challenges.
Toyota’s funding will help Joby in its ongoing quest to achieve flight certification and commercial production of its proprietary electric air taxis. The second payment, in particular, will rely on the finalization of terms related to a strategic alliance between both companies focused on commercial eVTOL manufacturing and other conditions.
In terms of eVTOL commercialization, Joby headway and recently rolled its third aircraft off its pilot production line in Marina, California, before breaking ground on a new expanded facility in The Golden State that will more than double its current production footprint. As of August 2024, Joby had completed 1/3 of the fourth and fifth stages of the type certification process before full-scaled eVTOL production and commercial air taxi operations with Toyota could begin.
You can learn more about Toyota’s investment and Joby’s eVTOL technology in the video below:
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The Mockingbird Solar Center, Ørsted’s largest solar project globally, is now online, next to protected prairie donated by the renewable energy giant.
This massive 468-megawatt (MW) solar farm is set to power 80,000 homes and businesses, providing a major boost to the Texas grid.
But the launch of Mockingbird Solar isn’t just about clean energy – it’s also about restoring precious ecosystems. Ørsted has donated 953 acres of the Smiley-Woodfin Native Prairie Grassland, which sits next to the solar center, to The Nature Conservancy. The donated land is now the Smiley Meadow Preserve, a protected area for tallgrass prairie that’s home to more than 400 species of grasses and wildflowers.
Tallgrass prairies are some of the rarest ecosystems in the US, with less than 1% of Texas’ original tallgrass prairies still in existence. Tallgrass prairie does a lot of heavy lifting for the environment, including storing carbon, preventing floods, and providing crucial habitats for pollinators.
“Native prairies are the rarest landscapes left in Texas – so much so that many people have never seen one,” said David Bezanson, land protection strategy program director for The Nature Conservancy in Texas. He added that preserving Smiley Meadow will not only conserve one of the best prairie remnants left but also help restore other prairie habitats and boost regional biodiversity.
The Mockingbird Solar Center, a half-billion-dollar project, is part of Ørsted’s $20 billion push to expand renewable energy production across the US. Beyond generating electricity, it will inject $75 million into local property taxes, benefiting schools and other public services. The project also created over 550 construction jobs and will continue to be supported by operations staff moving forward.
Ørsted worked with US companies, including First Solar, for solar panels and partnered with local businesses like Drake Construction and Pfifer Farms for construction materials. It also gave more than $50,000 to local volunteer fire departments in Roxton and Brookston.
With Mockingbird Solar now up and running, Ørsted has more than 6 gigawatts of onshore wind, solar, and battery storage projects either in operation or being built across the US.
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CNBC’s Jim Cramer on Friday said companies related to natural gas and oil will thrive under President-elect Donald Trump’s administration and a majority Republican Congress.
“We’re hearing about all sorts of Trump trades right now, and many of these things have made insane moves in less than three weeks, to the point where, actually, they’re feeling precarious to me,” he said. “If you want a sustainable Trump trade, I say bet on the natural gas ecosystem. This is an industry that already had a lot going for it, it just needed some cooperation from the federal government, which it is about to get.”
President Joe Biden’s administration is largely opposed to fossil fuels, Cramer said, and the federal government has worked to block pipelines and paused new liquified gas export authorizations. This dynamic, coupled with a weaker global economy, caused the sector to underperform for much of the year, he suggested. But Trump has shown more favor to the industry, and Cramer pointed out that he tapped prominent oil executive Chris Wright to lead the Department of Energy.
Cramer recommended several stocks in the sector, including energy producers EQT and Coterra. The former is focused on natural gas and recently acquired peer Equitrans, raising the combined company’s valuation to an estimated $35 billion, Cramer noted. He added that Coterra is a good long-term holding and called the company “one of the shrewdest operators in the industry.”
He highlighted pipeline companies, including Energy Transfer and Kinder Morgan, and said he was especially bullish on Enbridge. Enbridge says it transports about 20% of all natural gas consumed in the U.S., and Cramer claimed the Canadian outfit has “strategically located assets.”He also named Cheniere and Sempra, saying the former is the “best play” for liquified natural gas exports.
“Seasonally, this is a good time for the commodity,” he said, pointing out that natural gas itself has climbed since the election. “But I also think there’s some optimism about the future of the industry driving this move.”
Jeep’s first global luxury electric SUV will arrive at US dealerships any day. Despite its $72,000 price tag, lease prices for the 2024 Jeep Wagoneer S EV start at just $599 per month.
Jeep claims the Wagoneer S packs “exhilarating performance.” With 600 hp and 617 lb-ft of torque, the big-body SUV can sprint from 0 to 60 mph in just 3.4 seconds. Its 100 kWh battery pack also gives it a driving range of over 300 miles.
The electric SUV is unmistakably still a Jeep, but it did get several upgrades to distinguish it as an EV. The grille is now enclosed without the need to cool a massive engine, giving it a sporty, more modern look.
Jeep revamped its design with a new illuminated seven-slot grille with ambient cast lightning. It also fine-tuned its profile, adding flush door handles, a rear wing, and integrated fins for better airflow.
The first Jeep Wagoneer S Launch Edition models get exclusive dark accent design elements like 20″ Gloss Black Wheels.
Inside, the electric SUV is loaded with the latest tech and connectivity, including a best-in-class 45″ of usable screen space. The setup includes a 12.3″ center screen and an exclusive 10.25″ interactive front passenger screen.
Jeep already announced that the 2024 Wagoneer S EV will start at $71,995, but now the company has revealed lease prices for the first time.
According to Jeep, the 2024 Jeep Wagoneer S Launch Edition can be leased for $599 per month for 36 months (10,000 miles per year). The deal includes $4,999 due at signing and a $7,500 EV incentive. However, you may want to act fast, as Jeep’s offer is only good until December 2, 2024.
Jeep Wagoneer S vs Tesla Model Y
Starting Price
Range
Lease Price
Jeep Wagoneer S Launch Edition
$71,995
+300 miles
$599/mo
Tesla Model Y RWD
$44,990
320 miles
$299/mo
Tesla Model Y AWD
$47,990
308 miles
$399/mo
Tesla Model Y AWD Performance
$51,490
279 miles
$599/mo
In comparison, Tesla Model Y RWD lease prices start at $299 for 36 months with $2,999 down (10,000 miles). The Performance AWD model starts at $599 per month. In an end-of-year promo, Tesla also offers 3 months of free Supercharging and Full Self-Driving.
Ready to drive off in your new electric SUV? We can help you get started. You can use our links below to view offers on the Jeep Wagoneer S and Tesla Model Y at a dealer near you.
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