Joby Aviation and Toyota Form Joint Venture to Prepare for Exclusive eVTOL Manufacturing Agreement

Joby Aviation's eVTOL (electric vertical take-off and landing) air taxi drew widespread attention after conducting a week of demonstration flights over New York City this past April. The aircraft has yet to receive certification to carry paying passengers, but once that approval is in place, the first commercially operated vehicles could very well roll off a Toyota Motor Corp. production line.

Joint Venture Formally Established

According to filings submitted to the U.S. Securities and Exchange Commission (SEC), Joby and Toyota incorporated 'Joby Toyota Aero Manufacturing Preparation Company (JTAMPC)' in Delaware earlier this week. A shareholders' agreement grants the two parties 49% and 51% equity stakes respectively, and maps out a path toward an exclusive manufacturing supply agreement.

The exclusive manufacturing supply agreement has not yet been finalized, but the current arrangement already requires Joby to grant JTAMPC exclusive manufacturing rights and to license its intellectual property to Toyota on a royalty-free basis.

Under the agreement, the new company's board will consist of two directors appointed by Joby and three by Toyota. The joint venture will initially focus on improving the efficiency of Joby's manufacturing processes before scaling up production.

S4 Production Targets and Certification Progress

Joby's goal is to produce up to 500 air taxis per year once its flagship S4 series receives certification, with a near-term target of four aircraft per month by next year. The company began flight testing the first type-conforming aircraft in March of this year.

Under the agreement, Toyota has the right to dissolve the joint venture if the FAA does not approve JTAMPC as an associated facility under Joby's production certificate—Joby itself has not yet obtained a production certificate, which in turn cannot be issued until the S4 receives type certification.

Joby CEO JoeBen Bevirt commented: "Today's announcement reflects the deep foundation of our partnership and our shared confidence in the opportunity ahead. We share a vision for making air travel an everyday reality, and we look forward to delivering on that promise together."

Strategic Significance for Both Parties

The manufacturing partnership is of considerable importance to Joby. Although the company has raised more than $1 billion from investors, most of that capital has gone into R&D and testing of the S4, leaving it without the mature mass-production capabilities of an established automaker like Toyota. Building its own production line independently would carry an enormous cost. Rival Archer Aviation has similarly established a manufacturing partnership with Stellantis.

For Toyota, the collaboration fits neatly into its recent strategic direction. Toyota sold 1.18 million electrified vehicles in North America in 2025, accounting for 47% of its sales, while global electrified vehicle sales reached 4.4 million units, significantly outpacing competitors.

Toyota Chairman Akio Toyoda stated: "For many years, we have continued to expand the possibilities of mobility. We see air mobility as a natural extension of this philosophy from the ground to the sky—and as a way to create new value for people's lives and for society."

A Long-Standing Partnership

Toyota's relationship with Joby dates back to 2017, when the automaker's venture arm made its initial investment. Toyota engineers have worked alongside Joby personnel for years, providing advisory input on the design of facilities in California and Ohio. Prior to announcing an additional $500 million investment in 2024, Toyota had already committed close to $400 million.

Toyota paid the first of two $250 million tranches last year, but under the agreement the remaining $250 million is contingent on the two parties reaching 'subsequent agreements' on exclusive manufacturing, JTAMPC's business plan, and other matters—including Toyota's leased space at Joby's Marina, California production facility.

The current agreement establishes the framework for the joint venture, but the exclusive manufacturing partnership remains to be finalized. Both Joby and Toyota have each contributed approximately $1 million in initial capital. The agreement includes a milestone-based mechanism under which future contributions from both sides will be tied to Joby's completion of key milestones such as a critical design review, FAA Type Inspection Authorization (TIA), and type certification, although specific amounts have yet to be confirmed.

Japan Market and Future Plans

Under a long-term agreement signed in 2023, Toyota will supply powertrain and actuator components for the production version of the S4. The two parties also amended and restated their share purchase agreement in May 2025, with plans for Toyota to provide maintenance, repair, and overhaul (MRO) services for the S4 airframe and to potentially co-develop vertiport or eVTOL pilot training facilities.

The agreement also includes a provision granting Toyota the right to purchase aircraft directly from Joby and operate its own corporate fleet for enterprise or B2B purposes, with plans for a service trial in Japan following certification by the Japan Civil Aviation Bureau (JCAB) of the Ministry of Land, Infrastructure, Transport and Tourism.

Electric Skies Tour Continues Nationwide

Meanwhile, Joby is taking its aircraft and mobile flight simulator on an 'Electric Skies' tour across the United States. Activities have included the earlier New York City demonstration flights and a crossing of San Francisco Bay. This week, Joby's full-scale display aircraft is on show at the Great American State Fair in Washington, D.C., with EAA AirVenture in Oshkosh, Wisconsin later this month as the next stop.

By September, aviation enthusiasts are expected to be able to see the S4 flying under the FAA's eVTOL Integration Pilot Program (eIPP) framework in up to 12 states across the country. Joby has been selected to lead five of the eight eIPP lead projects, which involve flying into airports and coordinating with air traffic controllers. According to the Electric Skies website, Utah, Texas, Florida, and North Carolina are among the states expected to host eIPP activities first.

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