Toyota Invests $349 Million in Flying Taxi Startup - I Can Infotech

Toyota Invests $349 Million in Flying Taxi Startup

Image credit: Joby Aviation via engadget

Toyota just invested $349 million in the flying taxi startup Joby Aviation. The two companies say they will work together, Joby sharing its all-electric vertical take-off and landing (eVTOL) expertise and Toyota lending its knowledge of manufacturing, quality and cost controls to the development and production of Joby’s future aircraft.

“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,” Toyota Motor Corporation President and CEO Akio Toyoda said in a press release. As part of the deal, Toyota Motor Corp. Executive Vice President Shigeki Tomoyama will join Joby’s board of directors.

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