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

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,

Shares of Joby Aviation (NYSE:JOBY) were launched more than 20% higher in Wednesday’s premarket trading thanks to another $500M investment by Japanese carmaker Toyota Motor Corp (NYSE:TM). The investment will enable Joby (JOBY) to expand its commercialization of an electric air taxi and bring Toyota’s (TM) total investment in Joby (JOBY) to $894M.