Toyota Invests $349 Million in Flying Taxi Startup

The startup, Joby Aviation, is developing a piloted, five seat eVTOL
Toyota Invests $349 Million in Flying Taxi Startup
Image credit: Joby Aviation via engadget

Grow Your Business, Not Your Inbox

Stay informed and join our daily newsletter now!
2 min read
This story originally appeared on Endgadget

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.

Toyota's investment was part of a Series C financing round, in which Joby raised $590 million. Past investors have included Intel Capital, JetBlue Technology Ventures and Toyota AI Ventures.

Toyota isn't the only automaker eyeing the skies. Hyundai is working on a flying taxi concept with Uber and has hired a NASA engineer to run its "flying car" division. Geely (the Chinese automotive group which manufactures Volvo and Lotus cars) and Daimler have both invested in Volocopter, and Rolls-Royce has its own eVTOL concept.

Joby's aircraft is a piloted, five-seat eVTOL, with a max speed of 200 miles per hour and a range of over 150 miles on a single charge. According to the company, it is 100 times quieter than conventional aircraft during takeoff and landing and "near-silent" when flying overhead. Additional details about the prototype aircraft and production plans will be announced later, Joby and Toyota said today.

More from Entrepreneur

Get heaping discounts to books you love delivered straight to your inbox. We’ll feature a different book each week and share exclusive deals you won’t find anywhere else.
Jumpstart Your Business. Entrepreneur Insider is your all-access pass to the skills, experts, and network you need to get your business off the ground—or take it to the next level.
Create your business plan in half the time with twice the impact using Entrepreneur's BIZ PLANNING PLUS powered by LivePlan. Try risk free for 60 days.

Latest on Entrepreneur