Flying taxis, once relegated to the realm of science fiction, are inching closer to reality. While initial plans for air taxi demonstrations during the Paris Olympics were scrapped due to certification hurdles, the vision hasn’t faded. In fact, Toyota is doubling down on its commitment to this future of transportation by injecting another $500 million into Joby Aviation.
This California-based company has already made history with the first-ever test flight of an air taxi over a major U.S. metropolis – New York City. Joby is also pushing forward with global ambitions, securing an agreement with the United Arab Emirates to potentially launch commercial passenger services in Dubai as early as 2025. Closer to home, partnerships with Delta and United Airlines signal a future where air taxi services could be integrated into conventional travel itineraries.
The appeal of air taxis, also known as electric vertical take-off and landing (eVTOL) vehicles, is undeniable. They offer the promise of faster, quieter, and cleaner travel compared to ground transportation. Joby’s electric air taxi, for example, is designed to carry a pilot and four passengers at speeds of up to 200 miles per hour. Some eVTOL vehicles are even being developed to operate autonomously, further blurring the lines between science fiction and reality.
Toyota’s interest in Joby dates back to 2019, and this latest investment brings their total contribution to nearly $900 million. Beyond the financial support, Toyota is also sharing its expertise in manufacturing, tooling design, and process planning with the Joby team. This partnership extends to the production of key components for Joby’s aircraft, solidifying the depth of their collaboration.
Despite the progress, safety and certification remain significant hurdles for widespread air taxi adoption, as evidenced by the canceled Olympic flight of Germany’s Volocopter. But the race is on, with companies like Hyundai and China’s XPeng HT Aero also vying for a piece of the air mobility market. The potential is enormous – McKinsey estimates the global ground taxi and ride-hailing market at $500 billion, and more than 20% of current users can envision themselves soaring in a flying taxi.
While initial air taxi operations in the U.S. are likely to focus on airport-to-city services, Joby’s acquisition of Uber Elevate in 2020 hints at even grander aspirations. Their vision involves seamlessly integrating air taxis into Uber’s ride-hailing app, potentially revolutionizing urban transportation as we know it.
