Toyota has announced an investment of $394 million in California-based Joby Aviation that is developing an all-electric vertical take-off and landing (eVTOL) aircraft. As a lead investor in Joby’s $590 million Series C financing, Toyota is continuing to leverage emerging technologies to provide “Mobility for All”, the company said.
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. Through this new and exciting endeavor, we hope to deliver freedom of movement and enjoyment to customers everywhere, on land, and now, in the sky. – Akio Toyoda, President & CEO, Toyota Motor Corporation
Toyota will share its expertise in manufacturing, quality and cost controls for the development and production of the aforementioned eVTOL aircraft. Joby’s design is well matched to serve the needs of an emerging air transportation market, Toyota said. In addition, TMC Executive Vice President Shigeki Tomoyama will join Joby’s board of directors to play an active role in setting strategic direction at the Board level.
The aircraft aims to offer lower operating costs, lower costs of maintenance, and enhanced safety features. Joby claims that the four passenger aircraft can reach a speed of up to 200 mph (322 km/h) and has a range of over 150 miles (240+ km). More details on the prototype aircraft and production plans will be shared at a later date.
This collaboration with Toyota represents an unprecedented commitment of money and resources for us, and for this new industry, from one of the world’s leading automakers. I am excited to harness Toyota’s engineering and manufacturing prowess to drive us toward our dream of helping a billion people save an hour+ commuting time every day. – JoeBen Bevirt, CEO, Joby Aviation
Also read: Hyundai to produce electric Air Taxis for Uber Elevate
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