ROBOTAXIS / FLYING TAXIS WAYMO SECURES $5.6B TO GROW
ROBOTAXI SERVICES NATIONWIDE ACROSS USA
Alphabet’s AV subsidiary, Waymo, has secured a $5.6b investment, valuing the company at over $45b. This significant funding will fuel Waymo’s ambitious plans to expand its autonomous ride-hailing (ARH) services beyond its current opera- tions in Phoenix and San Francisco.
The company is eyeing potential expansion to Los Angeles, Austin, and Atlanta, through a promising partnership with Uber. Waymo’s rapid progress and innovative business model have sparked intense competition from traditional automakers. Tesla, for
example, recently unveiled its Cybercab and Robovan at its “We, Robot” event, demonstrating its commitment to AV technology. The rise of AVs with their promise of convenient, on-demand trans- port, particularly in urban areas, are a potential game-changer.
TOYOTA AND JOBY SOAR TO NEW HEIGHTS WITH AIR TAXI FLIGHT IN JAPAN
Toyota and Joby Aviation have achieved a significant milestone in the world of air travel, successfully completing Joby’s first inter- national exhibition flight in Japan. The flight on 4 November, con- ducted at Toyota’s Higashi-Fuji Technical Center, showcased the potential of electric air taxis to revolutionise transportation. The collaboration between the two companies has been ongoing for nearly seven years, with Toyota providing its expertise in auto- motive manufacturing and tech- nology. This partnership has led to the development of key power- train and actuation components for Joby’s aircraft. Joby’s flying taxi is designed to carry a pilot and four passengers, offer high-speed, zero-emission travel, with a range of up to 150 miles, a top speed of 200 mph with a fraction of the noise produced by helicopters. The aircraft is expected to significantly reduce traffic con- gestion and environmental impact, particularly in urban areas. The successful flight in Japan marks a significant step forward
PHTM DECEMBER 2024
ations in the US in 2025, followed by international expansion. Joby was founded in 2009 and has since completed thousands of test flights, including exhibition flights from the iconic Downtown Man- hattan Heliport in New York City. Toyota has committed to invest an additional $500m in Joby,
to
for Joby’s plans to commercialise its air taxi service. The company is aiming to begin commercial oper-
support the certification and commercial production of the electric air taxi.
EUROPE’S FLYING TAXI DREAMS FALTER AS CASH RUNS SHORT
Geely is considering a big invest- ment in Germany’s Volocopter GmbH to help the flying taxi company avoid bankruptcy. Sources close to the matter state Geely plans to lead a consortium, investing approximately US$95m for an 85% stake in Volocopter. This potential deal would lower Volocopter’s
valuation from
US$1.9b in 2022 to about US$110m. Geely aims to complete its due diligence by December. Meanwhile, German air-taxi start-
up, Lilium, is facing a significant setback as it prepares to file for insolvency. The company’s strug- gles highlight the challenges faced by the emerging eVTOL industry, which requires substantial capital investment and regulatory approval. To
mitigate the impact of
insolvency, Lilium has engaged KPMG to explore potential merger and acquisition opportunities. This move suggests that the company is seeking a strategic partner or buyer to secure its future.
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