Joby Aviation and Toyota Motor have established a joint venture to manufacture the S4 series electric air taxi.
The new entity, named the Joby Toyota Aero Manufacturing Preparation Company (JTAMPC), will handle production. Joby will grant the venture exclusive manufacturing rights and license its intellectual property royalty-free.
Joby will own 49% of JTAMPC, with Toyota holding the majority stake. The venture will be governed by a board with two directors from Joby and three from Toyota.
This move comes as Joby seeks government certification to deploy its commercial aircraft. The company has been advancing its technology, recently conducting a week-long demonstration of point-to-point air taxi flights in New York City.
Joby's aircraft is a six-rotor electric vertical takeoff and landing (eVTOL) vehicle designed to carry a pilot and four passengers.