Joby Aviation Inc (NYSE:JOBY) and Toyota Motor (NYSE:TM) have announced the initial phase of a strategic manufacturing alliance with the formation of a joint venture aimed at advancing air mobility and supporting the commercial production of electric vertical take-off and landing (eVTOL) aircraft.
The partnership combines Joby’s electric aviation technology with Toyota’s manufacturing expertise, with both companies focusing initially on establishing production foundations and improving manufacturing efficiency, quality and cost control.
According to the companies, the joint venture will also play a role in scaling Joby’s production capacity as the company progresses through aircraft certification and prepares for anticipated demand growth.
“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,” said JoeBen Bevirt, founder and chief executive officer of Joby Aviation.
“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.”
Toyota Motor (NYSE:TM) Corporation Chairman Akio Toyoda said air mobility represents a natural extension of the company’s long-standing mobility philosophy.
“Since our founding, we’ve been guided by the philosophy of providing mobility for all,” Toyoda said.
“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.”
He added that the strengthened partnership with Joby marks a step forward in developing what he described as a future mobility society.
The companies said they will continue working through the joint venture to leverage their respective strengths and expand the role of air mobility in broader transportation systems.
Shares of Toyota were down 1.8% at about $168, while Joby stock added about 1% at $9 late morning on Tuesday.