Electric air taxi developer Joby Aviation raises $590 million

• Other investors include Baillie Gifford, Global Oryx, SPARX Group, Intel Capital, Capricorn Investment Group, JetBlue Technology Ventures, and AME Cloud Ventures.

The bottom line, via Axios' Joann Muller: "Automakers are confronting serious challenges to their core business — congestion and climate change mean there’s a limit to how many cars and trucks they can sell. As they experiment with new forms of future mobility, they might as well look to the skies."

Go deeper: Hyundai unveils flying taxi for Uber