Joby Aviation and Toyota form eVTOL manufacturing joint venture

Joby Aviation, Inc. (NYSE: JOBY) and Toyota Motor Corporation have formed a joint venture, Joby Toyota Aero Manufacturing Preparation Company (JTAMPC), to manufacture Joby's S4 Series electric vertical takeoff and landing (eVTOL) aircraft, according to a regulatory filing dated June 29, 2026.

Toyota will hold a 51% ownership stake in JTAMPC, having acquired 1,020,000 shares of common stock for $1,020,000. Joby will hold a 49% stake, acquiring 980,000 shares for $980,000. The joint venture will be governed by a five-member board, with Toyota designating three directors and Joby designating two.

Under the stockholders agreement, Joby is expected to grant JTAMPC exclusive manufacturing rights to the S4 Series and license relevant intellectual property on a royalty-free basis. Toyota will provide JTAMPC a royalty-free license to jointly developed manufacturing intellectual property and a royalty-bearing license to certain Toyota background manufacturing intellectual property.

The parties agreed to negotiate an exclusive manufacturing supply agreement and other commercial arrangements prior to reaching the first specified funding milestone. If the parties cannot agree on those terms, either party may terminate the agreement.

Additional mandatory capital contributions will be required upon the achievement of funding milestones outlined in the agreement, with specific dollar amounts to be set in an amended and restated stockholders agreement. The transactions may require filings under the Hart-Scott-Rodino Antitrust Improvements Act and review by the Committee on Foreign Investment in the United States.

The agreement also specifies that a closing condition for Toyota's second $250 million investment tranche under a prior stock purchase agreement will not be satisfied until the future commercial agreements are executed and effective.

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