Joby, Toyota announce joint venture for air taxi production

June 30 (Reuters) - Joby ‌Aviation and ​Toyota ​Motor announced a joint venture on Tuesday to produce the air taxi maker's S4 ‌series, as it looks to secure government approval ⁠to deploy its commercial electric vertical takeoff and landing ‌aircraft.

Air taxi firms such as ‌Joby are competing to secure approvals and commercialize their all-electric aircraft in a bid to meet ​growing demand for faster and more sustainable urban transportation.

Here are some more details:

• Shares of ⁠Santa Cruz, California-based Joby rose 7% in premarket trade.

• The Joby ​Toyota Aero Manufacturing Preparation Company, or JTAMPC, will have two directors from Joby and three ​from Toyota, the companies said ‌on Tuesday.

• According to the terms of agreement, Joby will grant the joint ⁠venture exclusive rights to manufacture the S4 Series aircraft and license relevant intellectual property on a royalty-free basis.

• ⁠Joby will own 49% of JTAMPC while Toyota will own ​the rest.

• Earlier this year, Joby conducted a week-long test of the first point-to-point air taxi demonstration flights in New ‌York City.

• Joby's air taxi is a six-rotor electric aircraft capable of vertically ‌taking off and landing like a helicopter and ⁠flying level like an ‌airplane, with room ​for a pilot and four passengers.

(Reporting by Anshuman Tripathy in Bengaluru; Editing by Devika ‌Syamnath)

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