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Business deals

Toyota to invest $394m in US flying taxi startup Joby Aviation

Japanese carmaker will provide manufacturing technologies for mass production

The electric vertical takeoff and landing aircraft in development by Joby Aviation. Flying taxis are seen as a potential solution for urban congestion.

NAGOYA, Japan -- Toyota Motor is investing $394 million into the U.S. "flying taxi" startup Joby Aviation, the Japanese company announced on Thursday.

Founded in 2009, Joby is developing an electric vertical takeoff and landing aircraft, or eVTOL, for urban transportation services.

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