Skip to navigationSkip to main contentSkip to right columnADVERTISEMENTAkanksha BakshiFri, July 3, 2026 at 8:31 PM GMT+2 7 min readBenzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below.Joby Aviation, Inc. stock rose Tuesday after the company and Toyota Motor Corporation formed a joint venture to support commercial production and scale-up of Joby's electric air taxi aircraft.This builds upon a deep, multi-year collaboration and follows Toyota's massive $500 million investment in Joby in late 2024 to fund aircraft certification and early-stage productionToyota Takes Majority Stake In Manufacturing JVThe joint venture, Joby Toyota Aero Manufacturing Preparation Company, will manufacture Joby's S4 Series eVTOL aircraft.Toyota will hold a 51% stake after buying 1.02 million shares for $1.02 million, while Joby will hold 49% after buying 980,000 shares for $980,000.Don't Miss:A single bad hire can set a startup back years. Here are the 5 hires founders most often misjudge — and whyStill Learning the Market? These 50 Must-Know Terms Can Help You Catch Up FastThe venture will combine Joby's electric aviation work with Toyota's production systems and operational expertise.The companies said the alliance will focus on building commercial production capability, improving manufacturing productivity, quality, and cost efficiency, and supporting Joby's production expansion as it works toward aircraft certification.Governance And Future AgreementsThe joint venture will have a five-member board, with Toyota designating three directors and Joby designating two, subject to ownership thresholds.Certain major actions will require approval from both companies, while debt and dividends will require Toyota's approval.Joby and Toyota also plan to negotiate agreements covering exclusive manufacturing supply, commercial terms and intellectual property rights.Trending: Avoid the #1 Investing Mistake: How Your 'Safe' Holdings Could Be Costing You Big TimeUnder the expected structure, Joby would grant the venture exclusive rights to manufacture the S4 Series, subject to certain exceptions.Joby would license certain aircraft-related intellectual property to the venture royalty-free, while Toyota would license manufacturing-related intellectual property, including some royalty-bearing rights.The agreement includes mandatory capital contributions tied to future milestones, with specific amounts to be set later. The deal may also require Hart-Scott-Rodino and CFIUS filings.Electric Air Taxi PlansJoby is developing an all-electric vertical take-off and landing air taxi. The company plans to operate air taxi services in cities worldwide and sell aircraft to other operators and partners.Terms and Privacy PolicyEU DSA contactPrivacy & Cookie SettingsMore Info