Joby Aviation (NYSE:JOBY) shares surge after Toyota JV terms expand test of valuation

NEW YORK, July 6, 2026, 13:08 (EDT)

• Joby jumped 9.2% to $9.27, boosting its market cap by around $735 million as of early afternoon.
• Toyota’s manufacturing JV launches with $2 million in starting capital. The company holds a 51% stake and will appoint three of the five directors.
• Analyst targets are mixed. MarketBeat has a “Reduce” call at $13.64, but Benzinga lists “Buy” and a $12.36 target. MarketBeat

Joby Aviation, Inc. NYSE:JOBY surged Monday, with shares catching a notable bid after the July Fourth holiday. The move put about $735 million on the company’s market cap by 13:08 EDT, according to live data. That comes as Toyota Motor Corporation NYSE:TM kicks off its new manufacturing venture with just $2 million in initial capital.

The gap is important. Investors weren’t funding a cash raise. They wanted a manufacturing angle, Toyota process management and a better shot at scaling if Joby can clear certification.

U.S. stocks started trading again after the Independence Day holiday. Reuters said the Nasdaq rose 0.92% and the S&P 500 gained 0.42% with chip names out front. NYSE’s premarket note put the S&P 500’s last session down 0.6%, but up a little more than 1% for the week.

Joby traded ahead of most eVTOL names. Archer Aviation Inc. NYSE:ACHR gained roughly 7.5%, Vertical Aerospace Ltd. NYSE:EVTL was up around 7.6%. EHang Holdings Ltd. NASDAQ:EH slipped about 7.9%.

The peer table lays it out. Joby trades at over twice the market cap of Archer. But MarketBeat price targets show Archer and Vertical with bigger forecast gains. So there’s more on Joby to turn its Toyota tie-up into real output, not just talk about working together.

Forecasters are split on the stock.

Toyota gets 51% in the new Joby Toyota Aero Manufacturing Preparation Company, according to the SEC filing. Joby will hold 49%. Toyota will get three out of five board seats. The filing also says Toyota’s sign-off is needed for things like debt and distributions.

Joby CEO JoeBen Bevirt said Toyota has worked with Joby for “nearly a decade.” Toyota Chairman Akio Toyoda described air mobility as “a natural extension” of Toyota’s mobility philosophy. Joby Aviation

Joby laid out its near-term case in its Q1 report. The company kept 2026 as its expected launch for initial ops. Its first FAA-conforming aircraft is already flying, and Joby has finished three of four big FAA certification steps. Cash, equivalents, and short-term investments stood at $2.5 billion at the end of March. CEO JoeBen Bevirt said Joby now has “the clearest path” so far to getting passengers on board. Joby Aero, Inc.

The joint venture filing points to the risk: if the parties can’t reach deals on later manufacturing, commercial, or IP agreements, either side can walk away. Toyota also gets a right to end the deal if Joby loses its FAA type or production certification, doesn’t hit agreed aircraft purchase targets, moves to third-party production without Toyota’s sign-off, or misses supply agreement metrics. Once a funding milestone hits, mandatory capital contributions are due in 30 days, as long as government approvals come through.

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