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Dive Brief:
Joby Aviation and the Toyota Motor Corp. have reached a stockholders’ agreement to establish an air mobility joint venture to produce Joby’s S4 Series electric vertical takeoff and landing aircraft, according to a joint press release on Tuesday.
The new entity, dubbed Joby Toyota Aero Manufacturing Preparation Co., will combine Joby’s expertise in electric aviation with Toyota’s knowledge of production systems and facilitating operations.
Under the agreement, Joby will purchase shares valued at $980,000, representing 49% ownership of the joint venture, per a securities filing. Toyota will buy shares valued at $1.02 million, making it the majority owner with a 51% stake.
