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

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

The benchmark S&P 500 is on track to produce a whopping 20% gain for 2024, but companies developing electric vertical take-off and landing (eVTOL) aircraft have floundered. The stocks of the biggest and most visible players in this emerging field of aviation technology have averaged a return of negative 22.2% this year.

Japanese automaker Toyota is boosting its investment in Joby Aviation by $500 million, bringing its total investment in the air taxi manufacturer to $894 million. Joby CEO JoeBen Bevirt joins Caroline Hyde and Ed Ludlow on ".

Auto giant Toyota is investing another $500 million into Joby, which pioneered the first test flight of an air taxi over the skies of New York City.The Latest Tech News, Delivered to Your Inbox

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).

Robotaxis aren’t the only place where the basic concept of “pay someone with a vehicle to take me a short distance” is undergoing some high-tech permutations. There’s also the matter of air taxis: small vehicles that can take you somewhere local — and where,

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