Toyota Motor Corporation recently invested $500 million to help support the future of electric air taxi travel.
In a recent funding round, Toyota pledged a half-billion to Joby Aviation, a leading aviation startup specializing in electric vertical takeoff and landing — or eVTOL — aircraft. The massive funding boost will help Joby Aviation "secure flight certification and begin commercial production of its sustainable aerial technology," according to an Electrek report.
Joby Aviation launched in 2009 out of Marina, California, quickly rising as a leader in the future of commercial air taxi travel. The company has developed an air taxi powered by six electric motors, which produces no air pollution when operated. Each air taxi can hold one pilot and four passengers and reaches speeds up to 200 miles per hour.
"Flying with us might feel more like getting into an SUV than boarding a plane," the company's website says of its aircraft.
A Joby aircraft is similar in appearance to a helicopter, but exceedingly more planet-friendly. Joby's electric air taxis produce significantly less pollution than all currently approved forms of air travel — especially gas-powered helicopters. Aside from cruise ships, helicopters cause more environmental damage per passenger than any other form of transportation.
According to the New York Times, the Airbus AS350, one popular type of passenger helicopter, produces 950 pounds of polluting carbon per hour. A standard gas-powered car produces 22 pounds per hour.
With their electric motors, an eVTOL with three passengers produces 52% less harmful carbon pollution than a car, even when charging its batteries with a dirty energy source like methane gas.
Toyota Motor Corporation has a longstanding relationship with Joby Aviation dating back to 2019. So far, Toyota has invested $894 million in the aviation startup throughout various funding rounds, according to a press release.
In addition to monetary investments, Toyota has also invested time and labor into Joby Aviation. The auto giant has helped the startup with process planning, manufacturing method development, and tooling design. In 2023, the two companies signed a long-term agreement for Toyota to aid in manufacturing key components of Joby's air taxis.
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Joby Aviation says this new half-billion in funding will help realize "the two companies' shared vision of air mobility."
"Today's investment builds on nearly seven years of collaboration between our companies," Joby Aviation founder and CEO JoeBen Bevirt said in the release. "The knowledge and support shared by Toyota has been instrumental in Joby's success and we look forward to deepening our relationship as we deliver on our shared vision for the future of air travel."
Earlier this year, Joby Aviation flew its aircraft in New York City in a pioneering flight. The company recently finished production on its third aircraft. Joby also recently broke ground on an expanded facility in California that will more than double the company's manufacturing impact.
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