Joby Aviation and Toyota Motor Corporation announced a joint venture on Monday to manufacture electric air taxis, combining Joby’s work in electric aviation with Toyota’s expertise in production systems.
The new entity, called the Joby Toyota Aero Manufacturing Preparation Company, or JTAMPC, will focus on establishing the groundwork for commercial production and advancing manufacturing quality and cost, the companies said. It will also support expansion of Joby’s production capacity to support aircraft certification and meet anticipated demand growth.
Toyota will hold 51% of JTAMPC, with Joby owning the remaining 49%. Board representation will be split between the two companies, with Toyota appointing three directors and Joby appointing two. As part of the deal, JTAMPC will receive an exclusive license to produce the S4 series and access to related intellectual property at no royalty cost, Reuters reported.
The S4 aircraft seats a pilot and four passengers and is powered by six rotors, enabling it to lift off and descend vertically before transitioning to level flight like a conventional plane.
Joby founder and CEO JoeBen Bevirt said in a statement that Toyota had been “by Joby’s side for nearly a decade, providing invaluable guidance and support” in building the manufacturing foundation. Toyota Chairman Akio Toyoda said the two companies share a vision of expanding mobility from the ground into the sky. “We believe this strengthened relationship is an important step forward in realizing the future mobility society,” Toyoda said in a statement.
Reuters reported that the announcement sent Joby’s shares up 7% ahead of the opening bell.