Joby, Toyota eVTOL Production
Joby Aviation and Toyota Establish Joint Venture to Produce S4 eVTOL Aircraft
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Key Points
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The joint venture between Joby Aviation and Toyota, named Joby Toyota Aero Manufacturing Preparation Company, was formed on June 29, 2026 via a Delaware-based entity.
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JTAMPC is positioned within the U.S. government's Advanced Air Mobility and Electric Vertical Takeoff and Landing Integration Pilot Program (eIPP), with oversight by the DOT and FAA across 26 states.
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Joby is among eight American VTOL companies accepted into the eIPP program, alongside firms such as Archer, BETA, Electra, Wisk, Ampaire, Elroy Air, and Reliable Robotics.
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Analysts’ ratings on JOBY stock are mixed: the latest consensus cited is a Sell with a $9.00 price target, while Spark’s AI analyst rates the stock as Neutral.
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Joby also announced it will report its first-quarter 2026 financial results and host a webcast on May 5, 2026, with a conference call and replay information.
Joby Aviation and Toyota Motor Corporation officially formed a joint manufacturing venture on June 29, 2026, bringing the air taxi industry one step closer to scaled production. The new entity, Joby Toyota Aero Manufacturing Preparation Company (JTAMPC), is incorporated in Delaware, with Toyota holding a 51% majority stake and Joby retaining 49%, according to SEC Filing.
Joby shares jumped 7% in pre-market trading following the announcement, according to Investing.com. The deal also triggers Toyota's second $250 million investment tranche under a prior stock purchase agreement, giving Joby a significant cash injection as it races toward FAA certification of its S4 eVTOL aircraft.
How the Joint Venture Is Structured and Funded
JTAMPC starts small but is built for scale. The initial capitalization is just $2 million — Toyota put in $1.02 million and Joby contributed $980,000, according to SEC Filing. The five-member board gives Toyota three seats and Joby two. However, key decisions — such as mergers, equity issuances, or changes to the core business plan — require sign-off from both parties, per Stock Titan.
The partners plan to finalize an exclusive manufacturing supply agreement giving the JV primary rights to build the S4. They will also establish detailed intellectual property-sharing arrangements among Joby, Toyota, and JTAMPC. Yosuke Tsuruta has been named the representative CEO of the new entity, according to Stock Titan.
A Decade-Long Partnership Turns Into a Factory Deal
This JV did not come out of nowhere. Toyota first invested $394 million in Joby back in January 2020. Since then, Toyota engineers have been embedded at Joby's Marina, California facility, helping implement the Toyota Production System — a lean manufacturing method Toyota pioneered in its auto plants. Joby founder and CEO JoeBen Bevirt said, "Toyota has been by Joby's side for nearly a decade," calling the deal a reflection of their "shared confidence in the opportunity ahead," per Joby Aviation.
Toyota Chairman Akio Toyoda framed the deal around his company's broader vision. "We see air mobility as a natural extension of that philosophy — from the ground into the sky," he said. By handing Toyota a 51% manufacturing stake, Joby gains access to one of the world's most efficient production systems. Critics, however, argue Joby has essentially handed over the factory to survive its cash burn, per MarketScreener.
Joby Joins Federal Air Taxi Program Spanning 26 States
The JV lands inside a major federal push for air taxis. In March 2026, Transportation Secretary Sean Duffy and FAA Administrator Bryan Bedford named Joby as one of eight companies accepted into the eIPP — the Electric Vertical Takeoff and Landing Integration Pilot Program. The program covers 26 states and allows early commercial operations before full FAA type certification is complete, according to FAA.
The other seven eIPP partners are Archer, BETA, Electra, Wisk, Ampaire, Elroy Air, and Reliable Robotics. Joby is already cleared for initial flights in 11 states, including New York, Texas, and Florida, potentially as early as the second half of 2026. Duffy said eVTOLs will "radically redefine personal travel, regional transportation, and cargo logistics," per the U.S. Department of Transportation.
Wall Street Is Split on Whether Joby Can Survive the Burn
Joby's Q1 2026 results show the scale of the challenge. The company posted a $110 million net loss — down from $122 million in Q4 2025 — while burning roughly $163 million per quarter, according to Investing.com. Its cash position sits at $2.5 billion, which gives it runway but not indefinitely. Joby's market cap stands at approximately $8.49 billion, per MarketScreener.
Analysts are divided. Goldman Sachs analyst Noah Poponak holds a Sell rating with a $9.00 price target, citing the massive capital costs of mass manufacturing. Needham's Chris Pierce counters with a Buy rating and an $18.00 target, calling the Toyota JV a "de-risking" event. TipRanks' AI analyst Spark rates the stock Neutral, noting that "valuation remains difficult to support given the negative earnings and substantial cash burn," per TipRanks.
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