1/16, 4:49 AM (Source: TeleTrader)
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Toyota invests $394M in US flying taxi company

Japanese carmaker Toyota will invest $394 million in American flying taxi startup Joby Aviation, the companies announced.

"We hope to deliver freedom of movement and enjoyment to customers everywhere, on land, and now, in the sky," Toyota's Chief Executive Officer and President Akio Toyoda said in a statement.

Toyota will work with Joby, who recently entered a partnership with Uber, on designing and manufacturing vertical takeoff and landing (VTOL) aircraft for ride-hailing services.

Breaking the News / JC