**Toyota Increases Investment in Joby Aviation by $500 Million to Propel Electric Air Taxi Vision**
Toyota Motor Corp. has announced an additional $500 million investment to advance the certification and commercial production of Joby Aviation Inc.'s electric air taxi. This funding, split evenly into two tranches, aims to further a mutual goal of innovating air mobility solutions. The first tranche is expected to be completed later this year, with the second slated for 2025.
This infusion of capital will be in the form of cash for shares, raising Toyota's total investment in Joby Aviation to $894 million. Currently, Toyota's engineers are collaborating directly with Joby's team in California, lending their expertise to the project.
Joby Aviation shares surged by 21.87%, reaching $5.87 in pre-market trading on the New York Stock Exchange.
