NEW YORK - Toyota Motor Corp. said Tuesday it has agreed with U.S. "flying car" startup Joby Aviation Inc. to create a joint venture to manufacture Joby-developed electric aircraft.
The alliance between the two companies will "initially focus on establishing the groundwork for commercial production," while also supporting the expansion of Joby's production capacity to meet the anticipated growing demand for similar aircraft, the Japanese automaker said.
The joint venture, Joby Toyota Aero Manufacturing Preparation Co., will be based in California, with 51 percent owned by Toyota and the remainder held by the U.S. startup.
Toyota has been an investor in Joby, a California-based air taxi company developing an electric vertical takeoff and landing aircraft, or eVTOL.
