Electric aviation startup Joby Aviation on June 30 announced it entered into a strategic manufacturing partnership with Toyota Motor Corporation to produce Joby’s S4 electric vertical take-off and landing (eVTOL) air taxi.
The companies formed a new business entity, Joby Toyota Aero Manufacturing Preparation Company (JTAMPC) that leverages Joby’s work in electric aviation and Toyota’s production and operational expertise to lay the groundwork for commercial production of the S4 aircraft, the companies said in a joint press release.
Toyota will own a controlling 51 percent of JTAMPC after acquiring 1.02 million shares of the new entity for $1.02 million. Joby will own 49 percent after purchasing the remaining shares for $980,000, documents filed June 29 with the Securities and Exchange Commission show….