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Toyota invests $600m in flying car company

The Japanese carmaker is looking to expand into new sectors as the automotive industry continues to change.
Posted on 20 January, 2020
Toyota invests $600m in flying car company

Toyota is investing nearly NZ$600 million in a company aiming to commercialise electric flying cars for “fast, quiet and affordable air transportation services”.

The investment in Joby Aviation comes as the Japanese brand looks to expand into new sectors, with president Akio Toyoda aiming to move the company “from a car manufacturer to a mobility company”.

“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,” Toyoda says.“Through this new and exciting endeavour, we hope to deliver freedom of movement and enjoyment to customers everywhere, on land, and now, in the sky.”

Joby Aviation, which was founded in 2009, is developing a four-passenger electric aircraft that takes off and lands vertically, like a helicopter, though it has multiple rotors, reports the International Business Times.

The company plans to create the aircraft as a mode of commercial transport, rather than for sale to individuals, to help commuters get about.

Toyota says it will offer its “expertise in manufacturing, quality and cost controls for the development and production” of Joby's aircraft.

JoeBen Bevirt, Joby founder and CEO, says: “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-plus commuting time every day.”

Joby already has a partnership with ride-sharing company Uber to create an “urban air taxi service”.

Toyota has ventured into the flying vehicle field elsewhere, investing in the Japanese SkyDrive project to develop “the world’s smallest flying car”.