Joby Aviation Adds More Financial Thrust

Japan's Aioi Nissay Dowa Insurance Co. has invested in U.S. startup Joby Aviation, which is developing electric vertical takeoff and landing, or eVTOL, aircraft, better known as flying cars.

Through the investment in and collaboration with the California-based firm, the Japanese nonlife insurer aims to develop specialized insurance products and services for flying cars, according to Aioi Nissay's announcement.

The eVTOL aircraft being developed by Joby Aviation will have a range of up to 300 kilometers and a top speed of 320 kilometers per hour. It can continue traveling even if one of its six propellers becomes inoperable.

The U.S. firm aims to offer flying taxi services using its eVTOL aircraft.

Toyota Motor Corp. has also been collaborating with Joby Aviation. The leading Japanese automaker invested 43 billion yen in the startup in January this year.