Oct 2 (Reuters) - Toyota Motor ( TM ) said Wednesday

it will invest another $500 million in Joby Aviation ( JOBY ) to

support certification and commercial production of Joby's

electric air taxi.

The Japanese automaker's new funding is on top of $394

million in prior investments it made in Joby and is part of a

strategic alliance on commercial manufacturing. The investment

will be made in the form of cash for common stock, with the

first tranche set to close later in 2024 and the second next

year.

Joby said it continues to make key progress towards

commercialization and certification and recently broke ground on

an expanded facility in California. "We share Joby's view that

sustainable flight will be central to alleviating today's

persistent mobility challenges," said Toyota Motor North America

CEO Ted Ogawa.

Toyota ( TM ) engineers are working side-by-side with the Joby team

in California and last year the two companies signed a long-term

agreement for Toyota ( TM ) to supply key powertrain and other

components for Joby aircraft.