Toyota Invests $394 Mn In A Startup Slated To Launch Electric Flying Taxi

Joby Aviation, a US-based startup working on electric aircraft, has been backed up by Toyota back in 2018 with $100 Million. And this year, the Japanese auto giant is back to support the vision of Joby Aviation with another significant investment of $394 million.

All thanks to the fundings Joby raised in 2018, the company was able to develop its electric vertical takeoff and landing aircraft (eVTOL) prototype. The prototype has already been making test flights in Joby’s private field.

According to Joby, the eVTOL aircraft can travel a total distance of 150 miles before completely draining the battery. The six rotors in the aircraft help it takeoff vertically. After the takeoff, the rotors tilt backward to push the electric aircraft into forwarding flight, at a maximum speed of 200mph.

Also, if you exclude the pilot, then four more people can fit into Joby’s electric aircraft.

It’s pretty evident that Toyota found some potential in the prototype. That is why the company is investing an incredible amount of $394 million in Joby’s flying taxi project.

“We hope to deliver freedom of movement and enjoyment to customers everywhere, on land, and now, in the sky,” said Akio Toyoda, the CEO and President of Toyota Motor.

Besides getting the investment from Toyota, Joby Aviation has already formed a deal with Uber. The agreement states that Uber will provide its ride-sharing network for Joby’s electric aircraft. Moreover, Uber will take care of other things like traffic control and landing pads.