Japan-based automotive giant Toyota announced that it will invest $ 394 million in Joby Aviation, the US air taxi initiative.
Joby, a US-funded initiative since 2009, provides services in the field of eVTOL (take-off and landing of electric aircraft). The company had recently signed a partnership with Uber.
After the investment, Toyota Vice President Shigeki Tomoyama'nın Joby will join the board of directors said, Toyota CEO and President Akio Toyoda about the investment, "We hope to bring our customers both on land now and in the air," he said.
Toyota also stated that air transportation is a long-term target for the company and that they will continue the automobile business and that they have signed their assets in the air with this agreement.