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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.

Part of that previous coverage included Joby’s first flight with a pilot onboard in October 2023, which quickly led to a demonstration in New York City ahead of full-fledged eVTOL air taxi operations planned for sometime in 2025.

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 eVTOL
Toyota Motor Corporation Operating Officer Tetsuo “Ted” Ogawa and Joby Aviation’s Founder and CEO, JoeBen Bevirt / Source: Joby Aviation

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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X Shore Bowrider launched as new affordable-ish recreational electric boat

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X Shore Bowrider launched as new affordable-ish recreational electric boat

When X Shore first followed up its flagship Eelex 8000 electric boat with the smaller and more accessible X Shore 1, the move proved to be an effective path to bring electric boating to more people. Now the company is building upon that same platform with the new X Shore 1 Bowrider.

To be clear, electric boats are far from becoming an impulse purchase. Well, at least outside of the most extremely low-cost models.

But compared to the Eelex 8000’s price tag of US $300,000, the comparatively more affordable Bowrider 1 at US $139,000 is solidly in the “Yes, I’m a dentist, but I don’t own my own practice” territory.

The point is, these boats aren’t cheap but they’re certainly getting closer to the budget of the kind of folks with boat money. And while they might not have reached cost parity with typical combustion engine-powered day cruisers, there are a lot of other major advantages to vessels like the X Shore 1 Bowrider.

For example, one major update on the Bowrider 1 is the conversion of the boat’s bow into a spacious seating area offering more relaxed riding. For anyone trying to carry on a conversation on a boat, you’ll know that trying to shout over the loud outboard engines can really put a damper on the day. That’s not a concern with electric boats, which are much quieter and allow the sounds of the water on the hull to take center stage.

And with more lakes and waterways moving toward zero emissions regulations, à la Italy’s Lake Como and Amsterdam’s famous canals, electric boats like these are in more demand than ever. The 63 kWh on-board battery offering up to 50 nautical miles of range makes the boat great for those relaxing weekends on the lake, and the 30-knot top speed opens the door to fun excursions, especially in the world of watersports.

“Our mission is to make boating one with nature by advancing sustainable performance, seamless technology, and functional design,” said X Shore CEO René Hansen. “The Bowrider meets the growing demand for recreation, high performance, and sustainability, setting new standards in electric boating.”

The open transom provides easy access as a swim deck, while the rest of the adjustable deck space and open passage toward the bow let owners customize the type of social experience they’re looking for.

The 6.5 meter (21 ft) boat’s hull is constructed using advanced materials, including glass fiber and carbon fiber, at the company’s Swedish factory. The boat also features smart tech, including integrating Garmin’s advanced marine technology with a 19-inch display for precise, real- time data on navigation, depth, and temperature.

With featured compatibility between X Shore’s app and Garmin smartwatches, owners can even monitor and control their boat remotely.

Electrek’s Take

I love seeing new models like this, especially when they can use existing platforms like X Shore did with its popular X Shore 1, helping to reduce the length and cost of development cycles. It’s still a little rich for my blood, but I’m also the guy who bought a $1,000 five-seater electric boat from China, so I’m probably not the target market for X Shore.

But I do think the future is bright for electric boats. It’s obvious that the recreational electric boating market is experiencing increasing growth as more enthusiasts look for sustainable, quieter, and lower-maintenance alternatives to traditional gasoline-powered boats. The numbers certainly aren’t huge yet, but they’re growing.

Advances in battery technology, alongside ever-shifting environmental regulations and the flow of consumer preferences, have opened up new possibilities like these for electric propulsion on the water. As more manufacturers continue expanding their lineups to include electric pontoons, fishing boats, and even larger solar-powered vessels, electric boating is set to become a mainstream option, reshaping the future of recreational boating. How long it takes until it’s truly mainstream though, only time will tell.

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Tesla recalls over 2,000 Cybertrucks to replace inverter that cause loss of power

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Tesla recalls over 2,000 Cybertrucks to replace inverter that cause loss of power

Tesla has issued a recall on over 2,000 Cybertrucks due to a problem with their inverters, which can cause a loss of power.

This time, it’s a real physical recall that requires replacing the inverter.

When there’s a recall on Tesla vehicles, it is often fixed through over-the-air software updates that don’t require physically recalling the vehicle. It often angers Tesla fans that they are still called “recalls”.

But this isn’t one of those.

Today, Tesla issued a new recall notice on the Cybertruck due to its drive inverter abruptly failing to produce torque at times:

On affected vehicles, a fault in the drive inverter may cause it to stop producing torque. If the inverter stops producing torque, the driver loses the ability to apply torque to the vehicle using the accelerator pedal resulting in a loss of propulsion, which may increase the risk of a collision.

Tesla says that it received a customer complaint and began investigating the issue on August 5th.

The automaker wrote in the recall notice:

From August 5, 2024, through October 23, 2024, Tesla investigated the condition and analyzed field data to characterize the condition and identify vehicles that could potentially be impacted.

In October, Tesla said that it finally identified a specific population of Cybertruck with a higher drive inverter failure rate due to a MOSFET (metal-oxide-semiconductor field-effect transistor) component, and a week later, it decided to issue a voluntary recall.

The automaker says that it has identified 5 warranty claims that could be related to this issue, but it is unaware of any related accident.

Tesla plans to start replacing the drive inverter in the affected vehicles next month:

Beginning on or shortly after December 9, 2024, at no charge to the customer, Tesla will replace the recalled drive inverter with a drive inverter equipped with a properly functioning MOSFET component.

Recalls have been one of our best ways to track Tesla’s Cybertruck production ramp, but unfortunately for our data, and fortunately for Cybertruck owners and Tesla, this specific recall affects only 2,431 Cybertrucks.

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CATL chairman is open to a US battery plant as long as Trump lets China join its EV supply chain

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CATL chairman is open to a US battery plant as long as Trump lets China join its EV supply chain

CATL, the world’s largest battery manufacturer, is considering building a localized plant on US soil, but there’s a big “if.” The company’s chairman said he is open to erecting a US battery facility if President-elect Donald Trump paves the way, despite escalating a trade war with China during his first term.

Contemporary Amperex Technology Co., Limited, better known as CATL, has been the largest battery manufacturer in the world by global market share for most of the last decade. The company specializes in a portfolio of battery cells with different chemistries and energy storage solutions and remains on the pulse of emerging technologies such as solid-state.

The company has developed fast-charging LFP cells for OEMs like SAIC-GM and, in the past couple of years, has begun developing battery technology for zero-emission aviation, including electric planes and eVTOLs with companies like AutoFlight.

Having already outgrown operations in China alone, CATL had previously shared plans for six new facilities in other countries, including Germany, Thailand, Hungary, Indonesia, and two in the US (with Ford and Tesla). The latter two of that list are expected to operate under licensing deals.

This past May, CATL shared intentions to erect two additional battery plants – One in Spain through a joint venture with Stellantis and a fully-owned battery cathode materials facility in Morocco, to supply those vital components to its pending European plants mentioned above.

While CATL has had plenty of plans for entry into the US, it has faced opposition from Democrats and Republicans alike due to its government-subsidized operations. The Biden administration’s Inflation Reduction Act echoed such sentiments, and Trump himself waged an all-out trade war with China during his last run in the White House.

With Trump set to take office in 2025, CATL’s chairman expressed hope that the door to US manufacturing would be cracked open a little more, but it will take the full support of the President-elect to happen. That’s a tall order for a Chinese company with an impressive grip on the battery market.

CATL US

CATL chairman open to Chinese investment in US supplies

As reported by Reuters, CATL founder and Chairman Robin Zeng said the company is open to a US battery plant but will require Trump to extend some local hospitality to enable that process. Per Zeng:

Originally, when we wanted to invest in the US, the US government said no. For me, I’m really open-minded.

CATL’s imports are currently facing some trade protections to keep things fair for local automakers, hence why many current EV models don’t qualify for the full $7,500 federal tax credit, even if the cars are assembled in the US. Before Biden’s Inflation Reduction Act (IRA), President Trump targeted several Chinese OEMs like CATL due to their government subsidies while citing national security concerns.

However, the President-elect appears open to companies like CATL bringing battery production to the US under certain conditions. Per an interview with Reuters this past August:

We’re going to give incentives, and if China and other countries want to come here and sell the cars, they’re going to build plants here, and they’re going to hire our workers.

That may sound like a refreshing idea from the ever-polarizing Trump. Still, he’s merely echoing the policies already laid out by his predecessor in the IRA – a measure already enacted to bring more production and jobs to US workers. The Trump campaign did not immediately respond to a request for comment.

This will be a story to watch as the torch is passed in the White House. Trump’s re-election has created more questions than answers about the future of EV production in the US, but it’s hard to imagine local OEMs finding as much success without a behemoth like CATL nearby.

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