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,

Joby Aviation Inc.’s stock was up nearly 11% on Wednesday after the electric-air-taxi company said Toyota Motor Corp. agreed to invest $500 million behind the commercial launch of its business. The money will help pay for the certification and production of Joby Aviation’s electric air taxi under its Chief Executive and founder JoeBen Bevirt.