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Toyota Forms Joint Venture with Air Taxi Maker Joby Aviation

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Toyota Motor (TYO:7203) will establish a joint venture with California-based air taxi maker Joby Aviation, according to a joint statement on Tuesday.

The venture, named Joby Toyota Aero Manufacturing Preparation, will initially focus on establishing commercial production capabilities and improving manufacturing productivity, before expanding Joby's production capacity to support aircraft certification and future demand, the companies said.

Toyota will own 51% of the joint venture, while Joby will hold the remaining 49%.

The companies intend to leverage their respective strengths to bring air mobility on a broader scale, according to the statement.

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