Toyota Motor Co. announced today that it’s investing $394 million in Joby Aviation, a company that is currently developing electric air taxis that will eventually transport people over gridlocked highways and city streets. This makes the California-based Joby the best-funded “eVTOL” (electric vertical take-off and landing) startup to date, with a total of $720 million raised thus far. Read more for a video and additional information.
Joby’s prototype four passenger aircraft is capable of achieving speeds of 200 mph and travel more than 150 miles on a full charge. Toyota says the design is well matched to serve the needs of an emerging air transportation market where commuters and travelers embrace the benefits of aviation on a daily basis within and between urban centers.
Air transportation has been a long-term goal for Toyota, and while we continue our work in the automobile business, this agreement sets our sights to the sky. As we take up the challenge of air transportation together with Joby, an innovator in the emerging eVTOL space, we tap the potential to revolutionize future transportation and life,” said Toyota President and Chief Executive Officer Akio Toyoda.