Japanese multinational automotive company, Toyota Motor Corporation has announced a collaboration with an aerospace company, Joby Aviation (Joby) to develop an all-electric vertical take-off and landing (eVTOL) taxi service aircraft.
Toyota President and CEO, Akio Toyoda 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.”
In efforts to meet with the air taxi market, Toyota as the lead investor in the partnership with Joby’s $590 million start-up. This will place Joby as the leading company in the air taxi industry.
Toyota will also share its manufacturing expertise, quality, and cost controls for the development and production of the eVTOL aircraft.
Toyota announced its air taxi plans weeks after Uber and Hyundai announced that they were partnering to use flying cars to launch an aerial rideshare network in order to ease customers mobility through congested urban areas.
Toyota says it the decision to partner with Joby was because the company’s design complements the needs of an emerging air transportation market.