Joby Aviation Inc., the electric aircraft company working on flying taxis, has increased the size of its contract with the US Defense Department to as much as $75 million. The company plans to announce the new agreement on Wednesday.
The California-based company makes electric-powered, vertical takeoff and landing vehicles, or eVTOLs. Its Defense Department deal, which runs through 2025, more than doubled in size from a $30 million value and now includes the US Marine Corps. The contract reflects recent interest from Washington in electric aircraft that are cheaper to maintain than traditional helicopters and have zero emissions.