Joby Aviation, which is developing electric aircraft, will acquire the passenger business of Blade, a New York helicopter operator, for $125 million.

Here's how the electric air taxi industry is evolving, and what does this say about the viability of the market moving forward?

Joby Aviation Inc. said it plans to buy the helicopter rideshare business of Blade Air Mobility Inc. for as much as $125 million in stock or cash as the electric aviation firm seeks to expand its battery-powered air taxis into a ready-made market for its aircraft.