The automaker invested US$394 million alongside a group including Intel Capital and JetBlue Technology Ventures. (The Logic)

Talking point: The investment makes Joby the best-funded startup in this category—it’s brought in US$720 million so far—and also makes 2020 the record year for deals in the flying-taxi space. Last month, Joby announced its taxis would be bookable in at least two cities via the Uber app. Toyota is now going to help Joby build a fleet for ride-hailing. Joby is trying to build a product that can compete with helicopters for short trips in urban areas. So far, the firm can hit speeds of 200 miles per hour and fly 150 miles on one charge. In addition to competition with helicopters, Joby will need to convince federal regulators that its service is safe, and fend off a number of other firms with their own prominent backers. Hyundai is also working with Uber; Kitty Hawk, backed by Google co-founder Larry Page, is working with Boeing; and Airbus has its own air-taxi arm.