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Electric air taxi developer Joby Aviation raises $590 million

Joby Aviation's Aircraft in Santa Cruz, CA
Joby Aviation's Aircraft in Santa Cruz, Calif. Photo: Joby Aviation

Joby Aviation, a Santa Cruz, Calif.-based developer of electric air taxis, raised $590 million in Series C funding led by existing backer Toyota.

Why it matters: It's by far the largest-ever investment for an air taxi company, and already makes 2020 the record year for such deals.

  • 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