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.

The California-based eVTOL startup is moving forward with manufacturing plans to produce electric air taxis, with help from Toyota, Uber and Delta Airlines.

Joby Aviation raised $500 million from Toyota, the largest single round of funding for a flying taxi startup in years.

Soon you might be able to take a flying taxi to the airport. It’s not science fiction anymore: New York City could, in the near future, see air taxis buzzing around the skies.

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

Electric air taxi production is receiving a big boost from Toyota. The motor company has awarded Joby Aviation an additional $500 million dollars to help fund their four-seat aircrafts (a.k.a electric air taxis).

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

While we’re still waiting for those flying cars, Toyota is betting high and hard on electric air taxis. The automaker just earmarked another $500 million for Joby Aviation, which increases Toyota’s total support (so far) to nearly 900 million dollars.

Robotaxis aren’t the only place where the basic concept of “pay someone with a vehicle to take me a short distance” is undergoing some high-tech permutations. There’s also the matter of air taxis: small vehicles that can take you somewhere local — and where,