Toyota has said it will invest $500 million and raise its stake in Joby Aviation as the carmaker boosts its backing for the air taxi start-up that aims to launch commercial services as soon as next year.
Founded in 2009, the California-based company listed on the New York Stock Exchange in 2021. It is among several start-ups and aerospace incumbents hoping to make the vision of emission-free “urban air mobility” a reality through the launch of “electric vertical take-off and landing” aircraft. Several start-ups have been forced to tap investors for more funding in recent months and push back certification milestones as the challenges of developing these aircraft have become clearer. There are also other hurdles, such as building the necessary infrastructure and winning public acceptance.