JOBY moves to acquire Blade's passenger business for up to $125 million, aiming to scale urban air mobility and cut costs.

Joby Aviation will acquire helicopter ride-share company Blade Air Mobility's passenger business for up to $125 million, Joby said Monday, as it works to speed the deployment of electric air taxis for commercial passenger services.

Backed by Toyota Motor Corp., Joby expects to have five aircraft in one of the final phases of certification next year for its air taxi business.