16:35 - 3.10.2024

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October 3, Fineko/abc.az. Toyota Motor is increasing its investment in air taxi manufacturer Joby Aviation by $500 million, supporting plans for commercial production.

ABC.AZ reports that Toyota's total investment in Joby now stands at $894 million.

The Japanese automaker announced that additional finances will be provided in two stages: the first tranche will be paid by the end of this year, and the second in 2025.

"With this additional investment, we are pleased to see Joby certify its aircrafts and move to commercial production," said the head of Toyota's American division.

Amid the news, Joby shares jumped 28% in pre-market trading on Wednesday.