Toyota invests $394 million in Joby Aviation's flying taxis

Japanese car manufacturer Toyota has been named as the lead investor in Californian-based aerospace company Joby Aviation's latest Series C funding round, which raised $590 million. Of that total, Toyota contributed $349 million. In the latest funding round, Toyota was also joined by prior investors Toyota AI Ventures, Intel Capital, Sparx Group, Capricorn Investment Group, JetBlue Technology Ventures, and AME Cloud Ventures, as well as new investors Baillie Gifford and Global Oryx. With this latest funding round and previous funding rounds, Toyota has now invested a total of $720 million in Joby Aviation.