Joby Aviation partners with Toyota to form a joint venture aimed at producing electric air taxis, boosting its stock by over 3%.
Joby Aviation (JOBY) shares rose more than 3% after announcing a joint manufacturing venture with Toyota Motor (TM). The move outperformed the S&P 500, which gained 0.8% on the day.
The newly formed entity, Joby Toyota Aero Manufacturing Preparation Company (JTAMPC), is majority-owned by Toyota with a 51% stake. The venture aims to establish commercial production of Joby’s electric vertical take-off and landing (eVTOL) aircraft, designed for air taxi services in cities like New York.
Joby recently secured an FAA air carrier operator certificate, positioning it to launch commercial operations. The partnership follows prior collaborations and underscores Toyota’s role in scaling eVTOL manufacturing.