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Toyota Invests $394 Mln In U.S. Flying Taxi Startup Joby Aviation

Toyota Motor has invested $394 million in the U.S. flying taxi startup Joby Aviation, the companies said.

Founded in 2009, Joby Aviation is a California-based aerospace company that is developing and commercializing all-electric vertical takeoff and landing aircraft or eVTOL, for urban transportation services.

Toyota plans to provide Joby with manufacturing and electrification technologies to achieve mass production.

Toyota Executive Vice President Shigeki Tomoyama will join Joby's board of directors and play an active role in setting strategic direction at the Board level.

Joby Aviation said it has raised $590 million in Series C funding led by Toyota Motor.

The new investment brings its total funding, including previous rounds, to $720 million, Joby Aviation said.

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