Key Takeaways Joby Aviation stock rocketed higher Wednesday after the air taxi developer said it closed a $250 million investment from Toyota Motor.The investment is part of a larger $500 million commitment from the Japanese automaker announced in October.

Joby Aviation has announced the closing of the first portion of $250 million from a previously announced strategic investment from Toyota Motor Corporation, marking a milestone in strengthening the long-term collaboration between the two companies according to Joby.

It is the first milestone payment installment of a planned $500 million total, and makes the carmaker the largest shareholder in the electrical vertical takeoff and landing aircraft manufacturer. Toyota now owns 15.3% of JOBY stock, more than that of Joby CEO JoeBen Bevirt.