Joby, Toyota announce joint venture for air taxi production

June 30 (Reuters) - Joby Aviation and Toyota Motor 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 commercialize their all-electric aircraft in a bid to meet growing demand ‌for faster and more ⁠sustainable urban transportation.

What is the structure of Joby-Toyota joint venture?

How will manufacturing rights be distributed between companies?

What recent testing has Joby Aviation conducted?

• Shares of Santa Cruz, California-based Joby rose ⁠7% in premarket trade.

• The Joby Toyota Aero Manufacturing Preparation Company, or JTAMPC, will have two directors from ​Joby and ​three from Toyota, the ​companies said on Tuesday.

• ‌According to the terms of 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 ai

Fuente original: Yahoo Finance (https://finance.yahoo.com/technology/articles/joby-toyota-announce-joint-venture-130238661.html)