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Joby Aviation, Toyota Motor Launch Manufacturing Joint Venture to Advance Electric Air Taxi Production

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Joby Aviation (JOBY) and Toyota Motor (TM) launched the initial phase of their manufacturing alliance by setting up a joint venture to advance commercial production of Joby's electric air taxi aircraft, the companies said Tuesday.

The venture will initially focus on establishing manufacturing processes and improving productivity, quality and costs, the companies said.

The partnership will also support the expansion of Joby's production capacity to support aircraft certification and meet anticipated demand growth for Joby's electric vertical take-off and landing aircraft, according to the companies.

Financial terms of the deal were not disclosed.

Shares of Joby Aviation were 6.5% higher in Tuesday premarket trading, while Toyota Motor shares were 1.7% lower.

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