Toyota is investing up to $900 million in a California company developing an electric air taxi. Get all the latest auto industry news in the Executive Briefing.
Today’s headlines:
+ The European Union has approved a 45 percent tarriff on China-made electric vehicles, with 10 EU members backing the move, five voting against the measure, and 12 abstaining. More at Reuters.
+ In an aggressive move to combat plummeting sales in the U.S., Stellantis will offer discounts on 2024 and older Jeep, Dodge, Ram, and Chrysler vehicles through the end of the year. More at Autoblog.
+ Ford, General Motors, and Honda are assisting with the Hurricane Helene relief efforts, working with the American Red Cross, Team Rubicon, and other humanitarian groups. More at the Detroit Free Press.
+ Bill Abel’s Indy NXT team plans to expand to include more IndyCar junior series entries next year, and is also exploring opportunities for the Indianapolis 500 and in IMSA. More at Racer.
+ Electric vehicle maker Rivian has lowered its 2024 production forecast from 57,000 to 47,000 to 49,000 vehicles, citing a production disruption due to the shortage of a key component. More at CNBC.
+ As expected, McLaren has unveiled its latest hypercar on the anniversary of its first Formula 1 constructors’ world championship, the W1 with 1,275 hp and a $2 million price tag. More at The Drive.
+ In his first comments since Stellantis confirmed it is searching for his successor, CEO Carlos Tavares signaled he’s open to leaving the automaker when his contract expires. More at The Detroit News.
+ Toyota plans to invest another $500 million in Joby Aviation, a California company developing a battery-electric air taxi, having already invested $400 million in the startup. More at TechCrunch.
+ Denny Hamlin, co-owner of 23XI Racing, says he won’t be distracted by the team’s lawsuit against NASCAR over the current charter system as he races for the season title. More at The Athletic.
+ The U.S. Securities and Exchange Commission is investigating Fisker Automotive and has sent multiple subpoenas to the bankrupt EV maker, according to a filing by the regulator. More at World Auto Forum.
Photo courtesy of Joby Aviation.
Review the previous MCG Executive Briefing from October 4 here.
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I don’t get Toyota’s electric aerial taxi.
Sure, you can build a flying vehicle that will carry passengers over a given distance, but where is this thing supposed to take off and land at?
Airport to airport? A Cessna Skyhawk will be a lot more effective. Building top to building top? If you have been to the top of a downtown building you know it is really windy and the roof is covered with antennas, water tanks, elevator mechanisms, etc. Can you see an executive climbing a ladder to get to the roof for his helicopter ride?
Insurance might be unavailable. FAA approval ditto.
So, dedicate a half acre of surface land for a heliport? Check out downtown land prices, and don’t forget to look for overhead power lines. And that insurance and FAA thingy again.
Land on the street? Got Federal Air Regulations to make that difficult.
I can see this thing flying from a suburban home lawn to a lake home. Is that enough of a market?
I envision it as a business-to-business tool, and one for countries smaller than the USA that may not have air service between cities 50-100 miles away. It would be especially useful in an island nation like Japan. Many businesses have overflow parking or you could land on the roof as you’ve said.
You appear to see it as a city taxi and I think it’s meant to be used more like a helicopter. It’s doubtful this could be used in the US as we have too many regulations.
I’m not a Toyota fan-boi but it’s rare that they get a business decision wrong.
It will be fascinating to see how the NASCAR lawsuit plays out. For once a race team has the power and money to go head to head with the France family. Michael Jordan could buy NASCAR if he wanted to.
Thanks again for all of the work done on these “briefings”.
Thank you. They help me keep up too. I go through all the stories every day and pick the 10 I think are most newsworthy each Monday and Friday.