Joby Aviation Inc Stock Price, News & Analysis

Joby Aviation (NYSE:JOBY) has entered a long-term agreement with Toyota Motor Corporation (NYSE:TM) for the supply of critical powertrain and actuation components necessary for its all-electric aircraft. This partnership builds on the existing collaboration, with Toyota as Joby's largest external investor, contributing approximately $400 million to the company. The agreement aims to enhance Joby's production capabilities, leveraging Toyota's expertise in high-volume manufacturing while aiming for the mass production of eVTOL aircraft. Joby is also developing an air taxi service in Japan, working with Toyota's subsidiary Aero Asahi and has applied for FAA certification, indicating potential expansion in urban air mobility.

Joby Aviation has announced a $55 million extension to its contract with the U.S. Air Force, raising the total contract value to $131 million. This agreement allows for Joby to deliver and operate up to nine electric vertical take-off and landing (eVTOL) aircraft, with the first two expected at Edwards Air Force Base by early 2024. These aircraft will be used for logistics like cargo and passenger transportation, marking the first electric air taxis at a U.S. military base.

Recently, Air Force pilots became the first to fly an eVTOL as sole pilot-in-command. Joby sees this partnership as a significant step towards commercial operations expected to begin in 2025.