Toyota and Joby Launch Joint Venture to Manufacture eVTOL Aircraft

Toyota Motor Corporation and Joby Aviation have strengthened their long-standing partnership by announcing a strategic joint venture to manufacture electric vertical takeoff and landing (eVTOL) aircraft. Revealed on June 30, the collaboration is designed to lay the foundation for commercial production of Joby's four-passenger S4 aircraft, with a focus on improving manufacturing efficiency, product quality, and cost.

Toyota has been one of Joby's most significant financial and industrial partners, investing nearly $900 million in the California-based company. Beyond its financial support, the Japanese automaker is contributing engineering expertise and production know-how to help establish Joby's high-volume manufacturing line for the S4 aircraft in Ohio. Toyota also employs nearly 64,000 people across North America.

The partnership has continued to grow in recent years. In November 2024, Toyota and Joby conducted a public demonstration flight of the S4 aircraft in Japan, attended by Toyota Chairman Akio Toyoda and officials from Japan's Civil Aviation Bureau. The event underscored the companies' shared commitment to advancing electric aviation and supporting the development of next-generation air mobility.

According to a Form 8-K filed with the U.S. Securities and Exchange Commission on June 29, the companies are forming a new entity called Joby Toyota Aero Manufacturing Preparation Company. Under the agreement, Joby will hold a 49% stake valued at approximately $980,000, while Toyota will own the remaining 51% stake, valued at just over $1 million, making it the majority shareholder.

The latest announcement did not include an updated timeline for Federal Aviation Administration (FAA) type certification of the S4, which Joby had previously expected to achieve this year. During its first-quarter earnings report in May, the company confirmed that certification work remains underway but did not provide a revised target date. Joby also said it intends to begin operating early production aircraft through the U.S. eVTOL Integration Pilot Program and noted that the first FAA-conforming aircraft has already entered flight testing as part of the certification process.