Toyota working on a flying car with Joby Aviation
"Toyota to share expertise in manufacturing, quality and cost controls for the development and production of Joby Aviation's breakthrough eVTOL aircraft, Flying Cars. Toyota has invested $394M as lead investor in Joby's SeriesSeries C financing."
Toyota is exploring a new flight path creating Flying Cars for mobility through a new collaboration with Joby Aviation (Joby), an aerospace company that is developing and commercializing all-electric vertical take-off and landing (eVTOL) aircraft to enable the deployment of fast, quiet and affordable air transportation services. The collaboration reflects Toyota's recognition of the long-term potential of the urban air mobility market to meet the evolving needs of society, as well as Joby's position as an industry leader in working to deliver safe and affordable air travel to everyone. This electric flying car to be called Skydrive.
"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," said Toyota Motor Corporation President and CEO Akio Toyoda. As the lead investor in Joby's $590M Series C financing, Toyota is continuing to leverage emerging technologies to provide "Mobility for All." In addition to investing price of $394M in Joby Skydrive, Toyota will share its expertise in manufacturing, quality and cost controls for the development and production of Joby Aviation's breakthrough eVTOL aircraft.
Automotive Meets Aviation
Toyota is embracing emerging technologies as it transforms into a mobility company that is better equipped to meet the unique mobility needs of individuals everywhere. Toyota's new collaboration with Joby Aviation to make Skydrive Flying car is anticipated to help bring urban on-demand air transportation into the mainstream and initiate a new category of moving people and goods.
It is anticipated that eVTOLs will help to create new mobility services with the potential to help alleviate persistent mobility challenges. Those challenges include traffic congestion in urban areas, increased environmental burden and the lack of transportation in underpopulated areas, among others.
Joby is a leader in the development of eVTOL aircraft which combines elements of helicopters and small airplanes, offering benefits that include high reliability, zero emissions, fast flight speeds, and quiet operations. The aircraft (Flying cars) also offers lower operating costs, lower costs of maintenance, and enhanced safety features.
Rishi Raj Singh
