FLYING Magazine
Joby Aviation’s eVTOL (electric vertical takeoff and landing) air taxi graced the skies of New York City in April during a week of demonstrations. The model is not yet certified to fly paying customers. But when it is, the first units to enter service will likely be produced by Toyota Motor Corp.
Per a Securities and Exchange Commission (SEC) filing, Joby and Toyota on Monday formed the Joby Toyota Aero Manufacturing Preparation Company (JTAMPC), incorporated in Delaware. The stockholders agreement grants the partners respective 49 percent and 51 percent stakes in the new company and outlines a path toward an exclusive manufacturing supply agreement.
The latter agreement has yet to be finalized. But the former calls for Joby to grant exclusive manufacturing rights to JTAMPC and license its intellectual property to Toyota without royalties.
The new company will have two Joby-selected and three Toyota-selected directors, per the agreement. It will initially focus on improving the efficiency of Joby’s manufacturing processes before scaling up production.
Joby aims to churn out up to 500 air taxis annually once its flagship S4 series is certified. By next year, it is targeting production of four aircraft per month. The company began flight testing its first type-conforming aircraft in March.
According to the agreement, Toyota could terminate the joint venture if the FAA does not approve JTAMPC as an associate facility under Joby’s production certification, which it has also yet to obtain. Before that, it will need to secure S4 type certification.
“Today’s announcement reflects the strength of our relationship and our shared confidence in the opportunity ahead,” said JoeBen Bevirt, CEO of Joby, in a statement. “Together, we share a vision of making aerial mobility an everyday reality, and we look forward to delivering on that promise together.”
The manufacturing partnership makes plenty of sense for Joby, which has raised more than $1 billion from investors but is spending much of that money on developing and testing the S4. It lacks the established production capabilities of an automaker such as Toyota, and standing them up itself would be costly. Rival Archer Aviation similarly has a manufacturing partnership with Stellantis.
On Toyota’s side, the partnership aligns with the company’s recent direction. Its North America business sold 1.18 million electrified vehicles in 2025, which accounted for 47 percent of its sales volume. Globally, the automaker sold 4.4 million electrified units, which dwarfed competitors.
Toyota and Joby in 2023 signed a long-term agreement for the former to supply powertrain and actuator components for production S4 aircraft, creating an opportunity for the automaker to refine its ground-based systems for the skies.
“Over time, we’ve continued to expand what mobility can mean,” said Akio Toyoda, chairman of Toyota Motor Corp. “We see air mobility as a natural extension of that philosophy—from the ground into the sky—and as a way to bring new value to people’s lives and to society.”
Air Taxis Near Scaled Production
Toyota’s relationship with Joby dates to 2017, when its venture arm made an initial investment. Its engineers for years have worked alongside Joby personnel and advised on the design of its facilities in California and Ohio. The firm had already poured nearly $400 million into Joby by the time it announced a fresh, $500 million investment in 2024.
Toyota paid out the first of two $250 million tranches last year. But per the arrangement, the remaining $250 million will come only after the partners make “future agreements” regarding exclusivity, JTAMPC’s business plan, and other provisions, such as leased space for Toyota at Joby’s Marina, California, production facility.
Monday’s agreement solidifies the joint venture but not the exclusive manufacturing partnership.
Joby and Toyota are both investing about $1 million initially. The deal creates milestones that would trigger further funding contributions from each partner, tied to Joby’s completion of critical design review, FAA type inspection authorization (TIA), and type certification. The companies must still determine what those amounts will be.
Per the amended and restated stock purchase agreement that Joby and Toyota signed in May 2025, the partners plan for Toyota to provide maintenance, repair, and overhaul (MRO) for S4 aircraft. They could jointly explore the development of vertiports or eVTOL pilot training capabilities.
The May 2025 deal also contains a provision that grants Toyota the right to purchase aircraft directly from Joby and operate them itself as an in-house fleet, for corporate or business-to-business purposes. It outlines a service trial in Japan following certification by the country’s Civil Aviation Bureau (JCAB).
Before that, Joby is hauling its aircraft and mobile simulator across the U.S. on its Electric Skies tour, which included the New York City demonstrations as well as a flight across the San Francisco Bay. The manufacturer’s full-scale model is on display this week at the Great American State Fair in Washington, D.C. The next stop will be EAA AirVenture in Oshkosh, Wisconsin, later this month.
By September, planespotters could see the S4 in up to 12 other states, flying under the FAA’s eVTOL Integration Pilot Program (eIPP). Joby was picked for five of the eight lead eIPP projects, which will see the air taxi fly into airports and coordinate with air traffic controllers. Per the Electric Skies webpage, Utah, Texas, Florida, and North Carolina could be first on tap for eIPP activities.