Overview
- The companies announced formation of the Joby Toyota Aero Manufacturing Preparation Company on June 30, 2026 to begin preparing commercial production of Joby’s S4 series eVTOL.
- Toyota will own 51% of the joint venture and appoint three of five board members while Joby holds 49% and two board seats.
- Joby granted the venture exclusive rights to manufacture the S4 Series and provided royalty-free licenses to relevant Joby intellectual property to enable production by the new entity.
- The JV will focus first on improving productivity, quality and unit cost to support scaling and aircraft certification, but full commercial production depends on pending regulatory approvals and completion of commercial supply agreements.
- Additional Toyota funding tranches and the venture’s full scope are conditional on future commercial agreements and may require Hart-Scott-Rodino filings or a CFIUS review, a development that investors greeted with a near-term rise in Joby shares.