Japanese car giant Toyota said Thursday it is investing nearly $400 million in a company working on commercialising electric flying cars for "fast, quiet and affordable air transportation services".
The investment in Joby Aviation comes as the automaker looks to expand into new sectors as the industry rapidly transforms, with president Akio Toyoda pledging to move the firm "from a car manufacturer to a mobility company".
"Air transportation has been a long-term goal for Toyota, and while we continue our work in the automobile business, this agreement sets our sights to the sky," Toyoda said in a statement announcing the investment.
"Through this new and exciting endeavour, we hope to deliver freedom of movement and enjoyment to customers everywhere, on land, and now, in the sky."
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