09:20 AM EDT, 10/02/2024 (MT Newswires) -- Toyota Motor ( TM ) and Joby Aviation ( JOBY ) said Wednesday that Toyota ( TM ) will further invest $500 million to support the latter's electric air taxi's certification and commercial manufacturing.

The Japanese automotive manufacturer will invest the amount in two equal tranches, the companies added.

The investment will bring Toyota's ( TM ) total investment in Joby to $894 million and will be made in the form of cash for common shares, the companies said.

The first tranche is slated to close later in 2024 and the second in next year, Toyota ( TM ) and Joby said.

Toyota's ( TM ) stock edged up by 0.6% in recent Wednesday premarket activity, while Joby's shares rose 21%.