Toyota invests $394 million in all-electric flying car

Leading Japanese automobile manufacturer Toyota, in its first major bet on the urban airborne mobility solutions, has invested $394 million in Joby Aviation. The latter is a California-based company that has developed a battery-electric, vertical takeoff and landing (VTOL) aircraft.

Toyota has pitched in as the main investor in Joby’s latest $590 million funding. The automaker will share its expertise in the manufacturing, cost and quality controls to assist Joby in developing, producing and marketing the all-electric VTOL aircraft. Joby will have Toyota executive vice-president Shigeki Tomoyama on its board of directors.  

 

The investment will help Toyota to join the ‘flying car’ segment which has witnessed an increasing interest in recent times. Leading global automobile manufacturers like Porsche, Audi, Hyundai, and app cab aggregator Uber, have started developing airborne concept cars to beat rising traffic congestion in most urban cities.

Toyota president Akio Toyoda said in a statement that air transportation has been one of the company’s long-term goals. While it will continue working in the automobile industry, the Toyota-Joby partnership sets sights on sky, he added. 

Joby’s electric VTOL is claimed to be 100 times quieter compared to any conventional aircraft. It can accommodate four passengers. Joby claims that the vehicle’s top speed is around 322 kmph, while returning a mileage of over 402 km on a single recharge. The VTOL looks like the combination of a drone, helicopter, and a fixed-wing small airplane. The vehicle has multiple redundancies to avoid single-point failures. Powertrain and battery pack details of the aircraft are yet to be revealed.

Joby founder and chief executive officer JoeBen Bevirt said that the main aim of the electric VTOL vehicle will be to help billions of people save on their daily commuting time. The collaboration with Toyota, he said, marks an unprecedented commitment.

Joby is reportedly building a manufacturing and testing unit in Marina, near the company’s headquarters at the Santa Cruz coastal area.  

Meanwhile, Hyundai recently announced its S-A1 aircraft following a partnership with Uber. According to the agreement, Hyundai will manufacture and operate the all-electric VTOL, while Uber would provide airspace support, ground transportation connection, and the customer interface.

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