TOKYO (dpa-AFX) - Toyota Motor Corp. (TM, TYT.L) revealed on Wednesday that it will invest an additional $500 million to support the certification and commercial production of Joby Aviation, Inc's (JOBY), electric air taxi.
The investment, to be completed in two equal tranches, aims to realize a shared vision of air mobility. The first tranche is targeted to be closed later this year, while the second in 2025.
The additional investment will be made in cash for shares and will push Toyota's total investment in Joby to $894 million. Toyota engineers now work side-by-side with the Joby team in California.
JOBY was trading up by 21.87 percent at $5.87 in the pre-market trade on the New York Stock Exchange.
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