Joby Aviation has entered into a stockholders agreement with Toyota Motor Corporation to form a joint venture (JV) named Joby Toyota Aero Manufacturing Preparation Company (JTAMPC). This JV will be established for the exclusive purpose of manufacturing Joby's S4 Series eVTOL aircraft.
Key Details
- JV Structure & Ownership: Toyota will hold a 51% ownership stake with an initial capital contribution of $1,020,000, while Joby will hold 49% with a $980,000 contribution.
- Governance: The JV's board will consist of five directors, with three designated by Toyota and two by Joby.
- Manufacturing & IP: The JV will have exclusive rights to manufacture the S4 Series. Joby will provide a royalty-free license for its aircraft IP, and Toyota will license its manufacturing IP. Future capital contributions are tied to achieving specific funding milestones, including FAA certifications.
- Condition for Toyota Investment: Finalizing the JV's commercial agreements is a closing condition for the second $250 million tranche investment by Toyota under a separate, pre-existing Stock Purchase Agreement.