Japanese auto giant Toyota said Thursday it will invest nearly $ 400 million in Joby Aviation, which commercializes electric flying vehicles for "fast, quiet and affordable air travel."
"Air travel remains a long-term goal for Toyota, and while we continue our work in the automotive business, this agreement is looking skyward," said President Akio Toyoda.
Joby Aviation, founded in 2009, is developing a four-passenger electric passenger plane that takes off and lands vertically like a helicopter, although it has multiple rotors.
The firm views the aircraft as a commercial vehicle, not for sale to individuals. Also, her flying cars will be able to carry passengers.
Toyota said it will offer its "experience in manufacturing, quality control and development and manufacturing costs" of Joby aircraft.
The Japanese company said one of its executive vice presidents, Shigeki Tomoyama, will serve on Joby Aviation's board of directors, playing "an active role in setting strategic direction.
Joby Aviation, founded in 2009, is based in Santa Cruz, California. The company was founded by JoeBen Bevirt and its investors include Intel Capital, JetBlue Technology Ventures, Toyota AI Ventures and many others.
Toyota is investing in aircraft development elsewhere, funding Japan's SkyDrive project to develop the world's smallest flying car.
