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 Motor said Wednesday it will invest another $500 million in Joby Aviation to support certification and commercial production of Joby’s electric air taxi.

Back in 2023, Toyota signed a long-term agreement with Joby to supply core drive and control components, formally entering the advanced air mobility sector.

Toyota Motor Corp. has invested $250 million in Joby Aviation Inc., completing the first half of a previously announced $500 million commitment and becoming the air taxi maker’s largest shareholder.

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.