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Toyota bets big on air taxis with $500M investment in Joby

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Auto giant Toyota is investing another $500 million into Joby, which pioneered the first test flight of an air taxi over the skies of New York City.

Flying taxis, once the stuff of sci-fi movies, were widely expected to make a big splash by whizzing over the city of lights during festivities at the Paris Olympics last summer — before getting scrapped due to certification concerns.Recommended Videos The Japanese giant is making another $500 million investment in Joby, the California-based company that last November pioneered the first-ever test flight of an air taxi over the skies of a crowded U.S. metropolis .

Air Taxis, also known as electric vertical take-off and landing vehicles, promise to offer a much faster, quieter, and cleaner mobility service compared to ground transportation. Toyota’s interest in Joby began in 2019. With the latest tranche of money, the Japanese giant has now invested close to $900 million to support the certification and commercial production of Joby’s electric air taxi.

Safety and certification processes remain the biggest hurdle for the full development of air taxi services, as the canceled Olympic flight of Germany’s Volocopter demonstrated.

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