Attendees view a Joby Aviation electrical vertical take-off and touchdown (eVTOL) plane throughout an occasion at Edwards Air Power Base in Edwards, California, US, on Monday, Sept. 25, 2023. Air taxi start-up Joby Aviation Inc. right now introduced it has delivered its first eVTOL to the US Air Power.
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Joby Aviation shares jumped 28% Wednesday after the maker of electrical air taxis mentioned it acquired $250 million from Toyota.
The fee is a part of a beforehand introduced deal from the carmaker to make investments $500 million within the firm to assist certification and industrial manufacturing of its electrical air taxis. Toyota introduced the deal in October.
“We’re already seeing the good thing about working with Toyota in streamlining manufacturing processes and optimizing design,” mentioned CEO and founder JoeBen Bevirt in a launch late Tuesday. “This is a crucial subsequent step in our alliance with Toyota to scale the promise of electrical flight.”
Joby additionally added that the deal reinforces the “mutual dedication to deepening integration and delivering subsequent technology journey to international market.”
Joby makes electrical vertical takeoff and touchdown aircrafts (eVTOL) which take off and land like helicopters. Builders say the expertise can be utilized to cut back site visitors congestion and emissions.
United Airways has partnered with competitor Archer Aviation to launch an airport air taxi service.
Toyota invested $394 million in Joby in 2020.
WATCH: eVTOLS: Are flying vehicles lastly changing into actuality?
