Toyota and Joby Start eVTOL Manufacturing Joint Venture

Toyota Motor and Joby Aviation have firmed up their plans to jointly produce eVTOL aircraft, announcing what they described as a strategic alliance on June 30. The partners said they will start jointly establishing the groundwork for commercial production of Joby’s four-passenger model “with a particular emphasis on further improving productivity, quality, and cost.”

The Japanese automotive group is a major investor in Joby, having provided almost $900 million in capital for the California start-up. Toyota, which employs nearly 64,000 people in North America, is providing technical support for Joby’s efforts to establish a series production line for the S4 eVTOL aircraft in Ohio.

This week’s announcement did not provide any update as to when Joby expects to complete FAA type certification of its aircraft, which has been slated to happen this year. Reporting first-quarter results in early May, Joby did not provide an updated estimate for FAA approval but did report that it expects to start operating early examples of the design under the U.S. eVTOL Integration Pilot Program. During the first quarter, Joby started flying the first FAA-conforming example of the aircraft for type inspection authorization.

In an 8-K filing with the U.S. Securities and Exchange Commission on June 29, Joby said it is forming a joint venture company with Toyota called the Joby Toyota Aero Manufacturing Preparation Company. It will hold a 49% stake in this entity based on a purchase price of $980,000, and its Japanese partner will be the majority owner with a stake worth just over $1 million.

“Toyota has been at Joby’s side for nearly a decade, providing invaluable guidance and support as we built the foundation for manufacturing our aircraft,” commented Joby founder and CEO JoeBen Bevirt. “Today’s announcement reflects the strength of our relationship and our shared confidence in the opportunity ahead. Together we share a vision of making aerial mobility an everyday reality, and we look forward to delivering on the promise together.”

In November 2024, Joby and Toyota held a public flight demonstration with the S4 aircraft in Japan. The event was attended by Toyota chairman Akio Toyoda and officials from Japan’s Civil Aviation Bureau.