Toyota boosts its investment in air taxi company Joby Aviation by another $500 million

Toyota is investing another $500 million in Joby Aviation as part of a partnership aimed at helping get the American air taxi company's commercial business off the ground.

Toyota's investment will be used to support certification and production of Joby's electric air taxi, the companies said Wednesday, and brings Toyota Motor Corporation’s total investment in Joby to $894 million. After the investment, which will come in two equal tranches later this year and next, Toyota will own about 22% of Joby's outstanding shares.

“Today’s investment builds on nearly seven years of collaboration between our companies,” said JoeBen Bevirt, founder and CEO, Joby Aviation. “The knowledge and support shared by Toyota has been instrumental in Joby’s success and we look forward to deepening our relationship as we deliver on our shared vision for the future of air travel.”

Joby said it recently rolled its third aircraft off the production line and said in August that the fourth of five certifications was in progress.