Toyota takes a flyer on Joby electric air taxi

News

Toyota is taking a major leap into the world of urban air mobility, leading the Series C funding round for electric air taxi company Joby Aviation.

Toyota

Over the last decade, Joby has been developing its five-seater, all-electric VTOL (vertical take off and landing) aircraft, which it hopes will play a key role in the emerging and much-hyped air taxi market. According to the California-based company, its vehicle is capable of speed up to 200mph, can cover 150 miles on a single charge, and is 100 times quieter than conventional aircraft.

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The Series C funding round raised $590m, bringing overall funding to date to $720m. Alongside Toyota, the latest round also included previous investors such as SPARX Group, Intel Capital, Capricorn Investment Group and JetBlue Technology Ventures. As well as capital, Joby said the Japanese auto giant will bring expertise in manufacturing, quality, and cost controls to support the development and production of its VTOL aircraft.

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