Electric aviation startup Joby Aviation on June 30 announced it entered into a strategic manufacturing partnership with Toyota Motor Corporation to produce Joby’s S4 electric vertical take-off and landing (eVTOL) air taxi.
The companies formed a new business entity, Joby Toyota Aero Manufacturing Preparation Company (JTAMPC) that leverages Joby’s work in electric aviation and Toyota’s production and operational expertise to lay the groundwork for commercial production of the S4 aircraft, the companies said in a joint press release.
Toyota will own a controlling 51 percent of JTAMPC after acquiring 1.02 million shares of the new entity for $1.02 million. Joby will own 49 percent after purchasing the remaining shares for $980,000, documents filed June 29 with the Securities and Exchange Commission show.
The deal also tabs JTAMPC as the exclusive manufacturer of Joby’s S4 aircraft, which is capable of traveling up to 200 miles per hour and can seat four plus a pilot. Its six rotors rotate vertically for takeoff and turn horizontally for cruising mode. The strategic alliance with Toyota creates a pathway to expand Joby’s production capacity ahead of expected commercial demand for its eVOTL air taxis.
“Toyota has been by Joby’s side for nearly a decade, providing invaluable guidance and support as we built the foundation for manufacturing our aircraft,” Joby founder and CEO JoeBen Bevirt said. “Together, we share a vision of making aerial mobility an everyday reality.”
Under the terms of the agreement, Toyota will grant JTAMPC a royalty-free license to jointly develop manufacturing intellectual property (IP) and provide access to certain Toyota background manufacturing IP to develop the S4 aircraft. JTAMPC will assign any jointly developed aircraft-related IP to Joby, while any jointly developed manufacturing-related IP will be assigned to Toyota.
Toyota has long been a prominent investor in the Santa Cruz, California-based aviation startup. In 2024, the company committed $500 million to Joby, which was delivered in two tranches in 2025. To date, the Japanese automaker’s financial commitment to Joby totals $894 million.
The new business entity will be governed by a board of directors consisting of two from Joby and three designated by Toyota.
In April, Joby launched a weeklong testing campaign of the aircraft in New York City, with stops at John F. Kennedy International Airport and prominent heliports across Manhattan, as the company works toward obtaining certification from the Federal Aviation Administration to begin commercial flight operations.
Earlier this year, Joby acquired a 700,000-square-foot manufacturing facility in Dayton, Ohio, to produce its eVOTL aircraft. The company also has a 435,500-square-foot manufacturing facility at Marina, California.
In March, Joby was one of eight proposals selected by the Department of Transportation (DOT) to participate in its Advanced Air Mobility and Electric Vertical Takeoff and Landing Integration Pilot Program. Joby was selected based on its ability to quickly enter commercial production, as well as its manufacturing experience and enterprise partnerships, the DOT said.
