Toyota invests $500 million in flying electric taxis

The company already delivered its first eVTOL to the US Air Force last year

According to media reports, Toyota is said to be betting big on electric taxis for the future. The Japanese car giant is recently said to have earmarked $500 million towards Joby Aviation, taking its total investment in the eVTOL company to nearly $900 million.

Joby, a California-based company is in the process of developing an electrical Vertical Take-Off & Landing (eVTOL) vehicle. The company is already said to have delivered its first eVTOL to the US Air Force last year, as part of its contract with the US Department of Defense. The company even recently conducted an exhibition flight to highlight its use for the public in partnership with US Delta Airlines.

The Joby eVTOL will serve as a last-mile mobility solution for Delta customers. The flying electric air taxi is said to weigh a little over 2 tonnes (without passengers) and have a range of 100 miles (160 km). The electric air taxi will offer home-to-airport shuttle services, with Delta initially planning to introduce it New York and Los Angeles

Toyota has been an investor in Joby Aviation since 2019. The recent $500 million investment will be split into two parts, one this year and the remaining in 2025.

Tetsu Ogawa from Toyota Motor Corporation, stated, "With this additional investment, we are excited to see Joby certify their aircraft and shift to commercial production." Further adding, "We share Joby’s view that sustainable flight will be central to alleviating today’s persistent mobility challenges."

Source: TheDrive