Japanese auto giant Toyota has recently invested $394 million into the “flying taxi” of Joby Aviation—a Californian-based aerospace company.
Toyota is set to manufacture a fleet of vertical takeoff and landing (VTOL) aircraft. Intended to feature six rotors and five seats, the all-electric vehicle reportedly follows in the footsteps of Hyundai and Uber’s flying cars that were presented at CES 2020.
Akio Toyoda, President and CEO of Toyota, said this new venture with Joby realizes his company’s long term-goal for air transportation.
“As we take up the challenge of air transportation together with Joby … we hope to deliver freedom of movement and enjoyment to customers everywhere, on land, and now, in the sky,” Toyoda furthered.
The Japanese automotive company was part of a previous funding round for Joby that concluded two years ago.
To date, Toyota has invested a total of $720 million to Joby, making it the lead investor in the company founded by inventor JoeBen Bevirt.
“We are building a new system for transportation to transform your daily life, at greater safety and, in time, at a similar cost to driving,” Bevirt said in a statement.
Analysts say that it’s “deal-making season” for Joby Aviation as it agreed to join forces with Uber just recently.