Joby Aviation and Toyota announced a joint venture on Tuesday to produce the air-taxi maker’s S4 series, as it looks to secure government approval to deploy its commercial electric vertical takeoff and landing aircraft.Air-taxi firms such as Joby are competing to secure approvals and commercialise their all-electric aircraft in a bid to meet growing demand for faster and more sustainable urban transport.Shares of Santa Cruz, California-based Joby rose 7% in premarket trade.The Joby Toyota Aero Manufacturing Preparation Company (JTAMPC) will have two directors from Joby and three from Toyota, the companies said on Tuesday.Under the terms of the agreement, Joby will grant the joint venture exclusive rights to manufacture the S4-series aircraft and license relevant intellectual property on a royalty-free basis.Joby will own 49% of JTAMPC, while Toyota will own the rest.Earlier this year, Joby conducted a week-long test of the first point-to-point air-taxi demonstration flights in New York City.Joby’s air taxi is a six-rotor electric aircraft capable of vertically taking off and landing like a helicopter and flying level like an aeroplane, with room for a pilot and four passengers.Reuters