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

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).

It’s not science fiction anymore: New York City could, in the near future, see air taxis buzzing around the skies.

Japanese auto giant Toyota Motor is investing $500 million in Joby Aviation to support the U.S. electric air taxi company’s launch of commercial passenger services, which are slated to begin as soon as next year.

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

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.

Joby Aviation Inc.’s stock was up nearly 11% on Wednesday after the electric-air-taxi company said Toyota Motor Corp. agreed to invest $500 million behind the commercial launch of its business. The money will help pay for the certification and production of Joby Aviation’s electric air taxi under its Chief Executive and founder JoeBen Bevirt.

Electric air taxi startup Joby Aviation has landed a $500 million investment from Toyota in a deal that will also involve further collaboration on manufacturing. Why it matters: The deal is further validation of Joby's vision for commercializing electric vertical takeoff and landing (eVTOL) aircraft.

The Japanese automaker announced an investment of $500 million on Wednesday, on top of the $394 million in prior investments