en.Wedoany.com Reported - Dimension News, Air taxi manufacturer Joby Aviation (JOBY.N) and Toyota Motor (7203.T) announced on Tuesday the formation of a joint venture to produce Joby's S4 series electric vertical takeoff and landing (eVTOL) aircraft. The move aims to integrate Toyota's manufacturing expertise with Joby's aviation technology, accelerating the scaled production of commercial air taxis.

The joint venture, named Joby Toyota Aero Manufacturing Preparation Company (JTAMPC), is headquartered in California. Under the agreement, Toyota holds a 51% stake, while Joby holds 49%. The board consists of five members, with Toyota appointing three and Joby appointing two. Joby will grant the joint venture exclusive manufacturing rights for the S4 series aircraft and license related manufacturing technology intellectual property on a royalty-free basis.

The two companies stated that the strategic alliance will "first focus on establishing the foundation for commercial production, advancing manufacturing excellence, with particular emphasis on further improving productivity, quality, and cost". As the project progresses, the joint venture will also support Joby in expanding capacity to meet anticipated growth in eVTOL demand.

Joby founder and CEO JoeBen Bevirt said: "For nearly a decade, Toyota has been by Joby's side, providing invaluable guidance and support as we laid the groundwork for manufacturing our aircraft. We share a common vision of making air travel a daily reality."

Joby's S4 air taxi is a six-rotor all-electric aircraft capable of vertical takeoff and landing like a helicopter, transitioning to fixed-wing mode for horizontal flight, and can carry one pilot and four passengers. Earlier this year, Joby completed a week-long point-to-point air taxi demonstration flight test in New York City.