Toyota is funding an electric aircraft company

Toyota Motor Corporation has pumped more than half a billion dollars into Californian aerospace company Joby Aviation, which is developing and commercialising an all-electric vertical take-off and landing aircraft. The world's biggest car-maker recently announced a $US394 million ($AUD570m) cash splash, making it the lead investor in Joby's third round of financing. It also placed its executive vice president Shigeki Tomoya onto Joby's board of directors.