Joby Aviation Forms eVTOL Manufacturing Joint Venture with Toyota

summarizeSummary

Joby Aviation and Toyota Motor Corporation have formed a joint venture to manufacture Joby's S4 Series eVTOL aircraft, a key step towards scaling production and unlocking a significant investment from Toyota.

check_boxKey Events · M&A and Partnerships · JOBY

• Joint Venture Established with Toyota

  Joby Aero, a subsidiary of Joby Aviation, entered into a stockholders agreement with Joby Toyota Aero Manufacturing Preparation Company (JTAMPC) and Toyota Motor Corporation to form a joint venture for manufacturing Joby's S4 Series eVTOL aircraft.

• Strategic Manufacturing Partnership

  This partnership with Toyota, a global manufacturing leader, is crucial for scaling production of the S4 Series aircraft, significantly de-risking Joby's path to commercialization.

• Initial Capital and Governance Structure

  Joby will acquire a 49% ownership interest in JTAMPC for $980,000, while Toyota will hold 51% for $1,020,000. The board will consist of five directors, with Toyota designating three and Joby two.

• Future Funding Tied to FAA Milestones

  Mandatory capital contributions from both parties to the joint venture are linked to critical FAA certification milestones, including Critical Design Review, Type Inspection Authorization, and Type Certification Attainment.

auto_awesomeAnalysis · JOBY · Manufacturing

Joby Aviation has established a joint venture, JTAMPC, with Toyota Motor Corporation to manufacture its S4 Series eVTOL aircraft. This strategic partnership with a global automotive leader is critical for scaling production and de-risking Joby's path to commercialization. The agreement also links to the release of Toyota's second $250 million investment tranche, contingent on the effectiveness of future agreements stemming from this joint venture.