|Santa Cruz air taxi startup scores $590M funding from Toyota, others|
Joby Aviation Inc. on Wednesday got a big boost in its plans to offer flying taxis with a $590 million funding round led by Toyota Motor Corp.
The deal makes Santa Cruz-based Joby the best-funded startup in the race to offer air taxis, though it isn't yet ready to start offering its service to the public.
Joby said it plans to operate its aircraft as a service, charging passengers per trip. It hasn't said how much rides will cost, instead projecting that over time it "should approach the cost of ground transportation."
Joby has now raised a total of $720 million. It said it will use the new funds to accelerate the certification and deployment of its five-seat aircraft. It is now testing protoypes and aims to launch its first commercial flights in 2023.
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