Toyota has announced an additional $500 million investment in Joby Aviation, an electric air taxi startup, to accelerate the development and production of electric vertical takeoff and landing (eVTOL) aircraft.
This brings Toyota’s total investment in Joby to $894 million since 2018. The funds will be disbursed in two $250 million tranches, with the first completed in 2024 and the second scheduled for 2025.
This investment strengthens the partnership between the companies, which are working together to advance the certification and commercial production of eVTOL aircraft. These aircraft are intended to be used in a ride-hailing service, allowing passengers to book air taxis through Joby’s app or Uber’s platform in cities like New York and Los Angeles by 2025.
Joby’s all-electric aircraft is designed with six rotors, seating for five people including the pilot, and the ability to take off vertically like a helicopter. It can reach speeds of up to 200 mph and travel 150 miles on a single battery charge. In addition to the investment, Toyota has committed to producing powertrain components for Joby, further solidifying its role in the startup’s commercialization phase.
The partnership reflects Toyota’s growing interest in air mobility, marking a significant step towards realizing the future of urban transportation.
The Verge, Reuters, Axios contributed to this report.
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