TOYOTA BOOSTS INVESTMENT IN SANTA CRUZ AIR TAXI COMPANY JOBY AVIATION BY $500M

Toyota is investing another $500 million in Joby Aviation as part of a partnership aimed at helping get the American air taxi company's commercial business off the ground.

Toyota's investment will be used to support certification and production of Joby's electric air taxi, the companies said Wednesday, and brings Toyota Motor Corporation’s total investment in Joby to $894 million. After the investment, which will come in two equal tranches later this year and next, Toyota will own about 22% of Joby's outstanding shares.

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