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Joby Aviation, Inc. (NYSE:JOBY), a company developing all-electric aircraft for commercial passenger service, today announced it has signed a long-term agreement with Toyota Motor Corporation Inc. (NYSE:TM) to supply key powertrain and actuation components for the production of the Company’s aircraft.
The agreement builds on the long-standing partnership between Joby and Toyota, which has seen the two companies collaborate on a wide variety of projects to support the production and assembly of the Joby aircraft, including advising on the design of Joby’s pilot production line in Marina, CA. Toyota is also Joby’s largest external shareholder, having invested around $400 million in the Company.
JoeBen Bevirt, founder and CEO of Joby, commenting on the agreement, said: “Our partnership with Toyota continues to be an integral part of Joby’s success, from assisting in the design of our pilot production line in Marina, California, to supplying key components for our aircraft.”
“I’m grateful for Toyota’s unwavering dedication to Joby as we work together to deliver a new form of fast, quiet and emissions-free mobility for cities and communities around the world. Their expertise and knowledge has helped put us on track to deliver, at scale, an aircraft that we believe is truly best-in-class.”
The components, designed by Joby and manufactured by Toyota, will be delivered to Joby’s powertrain and electronics manufacturing facility in San Carlos, California, before the finished assemblies are shipped to the Company’s pilot production line in Marina for integration. Intended to prove out scalable tooling and processes at low volumes in advance of aircraft production at full scale, Joby’s Marina facilities were designed with Toyota’s help, leveraging decades of experience delivering reliable, high-quality cars at high volume.