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 Motor said Wednesday it will invest another $500 million in Joby Aviation to support certification and commercial production of Joby’s electric air taxi. The Japanese automaker's new funding is on top of $394 million in prior investments it made in Joby and is part of a strategic alliance on commercial manufacturing.

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.

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 Corp. is boosting its investment in air taxi manufacturer Joby Aviation Inc. by $500 million to support plans for commercial production, bringing its total investment in the startup to $894 million.

Toyota Motor announced a new $500 million investment in Joby Aviation to support the certification and production of Joby’s electric air taxi.

Toyota has said it will invest $500mn and raise its stake in Joby Aviation as the carmaker boosts its backing for the air taxi start-up that aims to launch commercial services as soon as next year. The investment from the Japanese company,