Joby and Toyota form 49/51 JV to manufacture S4 air taxi

Joby Aviation subsidiary Joby Aero and Toyota Motor Corporation incorporated a Delaware joint venture on June 29 to manufacture Joby's S4 eVTOL aircraft, with Toyota holding 51% and Joby 49% and a five-member board split three-to-two in Toyota's favor. The parties intend to sign an exclusive manufacturing supply agreement granting the JV exclusive rights to build the S4, tied to regulatory milestones and a future $250 million Toyota investment tranche. The move deepens a partnership under which Toyota has already committed roughly $894 million to Joby.