Joby Aviation has earned its latest financial infusion from Toyota Motor Corporation in the development of its all-electric VTOL aircraft. Toyota plans to “share expertise in manufacturing, quality and cost controls” during the development of the “quiet” eVTOL aircraft, according to a company press release. Toyota has invested $394 million as a lead investor in the Series C financing announced by Joby on January 15, 2020.
Joby Aviation Gets Infusion from Toyota for eVTOL
Key Takeaways:
- Joby Aviation secured $590 million in Series C financing, led by Toyota Motor Corporation's $394 million investment, bringing its total funding to $720 million.
- Toyota will contribute its expertise in manufacturing, quality, and cost controls to aid Joby in developing and launching its all-electric VTOL aircraft for an air-taxi service.
- Joby's 5-seat, piloted eVTOL aircraft is designed for quiet operation, capable of speeds up to 200 mph and a 150-mile range, and is currently undergoing certification testing.
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