Under the $500 million investment, Joby will use the funding to certify its aircraft and shift to commercial production. This investment brings Toyota’s total funding to $894 million. The current investment will be in two tranches — the first made later this year and the second in 2025.

Auto giant Toyota is investing another $500 million into Joby, which pioneered the first test flight of an air taxi over the skies of New York City.The Latest Tech News, Delivered to Your Inbox

Toyota is doubling down on Joby Aviation with a $500 million investment into the California-based company that's developing electric air taxis. Toyota's