New York, July 8, 2026, 07:16 EDT
- U.S. regular trading was not open yet. NYSE core trading opens at 9:30 a.m. ET. July 8 wasn’t shown as a 2026 exchange holiday.
- Joby finished Tuesday at $8.12, off 8.97%. The stock changed hands at $8.08 premarket, close to its 52-week low of $7.75.
- The issue for the stock isn’t about finding partners. Toyota’s scale, certification overhang and dilution all still hang over the share price.
- For investors, the main story under $9 is that the market is buying time here, not yet valuing an air-taxi network.
Joby Aviation NYSE:JOBY isn’t getting much help from the Toyota Motor Corporation NYSE:TM partnership. Shares finished Tuesday at $8.12, down from a $9.43 high on Monday. Trading stayed active, but the price slipped toward the 52-week low. Not much follow-through here, and for a business that hasn’t launched its main product, that’s what investors are watching—not the press releases.
Joby’s first test in the market looks basic. The company put out news that brought in some buying, but it hasn’t moved the stock north of $9. Shares closed at $8.92 on June 30. They were still at $8.92 on July 6. The price fell to $8.12 on July 7 as sellers came back in. Right now, $9 looks more like a spot where supply appears, not a breakout level. Investors are waiting for certification, delivery figures, or more concrete Toyota numbers.
| Instrument | Ticker | Latest quoted price | Move vs prior close | Market cap | Read-through |
|---|---|---|---|---|---|
| Joby Aviation | NYSE:JOBY | $8.12 | about -9.0% | $7.66 bln | Stock is still near the low despite being sector leader |
| Archer Aviation | NYSE:ACHR | $4.93 | about -8.4% | $3.78 bln | Drop here suggests JOBY wasn’t the only target |
| Vertical Aerospace | NYSE:EVTL | $1.79 | about -7.0% | $396 mln | Smaller eVTOLs got hit too |
| SPDR S&P 500 ETF Trust | NYSEARCA:SPY | $747.71 | about -0.5% | $662 bln | Main indexes were weak, but JOBY fell more than that move |
Premarket quotes in Joby, Archer, Vertical and SPY showed eVTOL names dropping harder than the broader market. Investors are seeing the move as more about the sector, not just general index choppiness.
Toyota and Joby have a joint venture, but it’s not an open checkbook. Joby’s June 30 8-K said the two will split the S4 Series aircraft plant, with Toyota at 51%, Joby at 49%. Toyota gets three out of five board seats. Later funding hasn’t been finalized—those amounts still need to be set in future deals. The filing also made clear that the stockholders agreement alone doesn’t tick the box for Toyota’s second $250 million payment. That’s the detail to trade on, not the marketing line.
Joby CEO JoeBen Bevirt said Toyota has worked with Joby for “nearly a decade.” Toyota chairman Akio Toyoda said air mobility fits as a “natural extension” of Toyota’s mobility philosophy. The comments show Toyota’s long-term support, but they don’t address valuation. The filing terms show the market still needs to price control rights, production economics, and when future funding could come. Joby Aero, Inc.
The main thing backing the bull case at $8 is still the balance sheet. Joby ended March with $2.47 billion in cash, equivalents and short-term investments. The company burned through $144.4 million in operating cash during Q1 and spent $77.9 million on property and equipment. At that spending pace, Joby should have a runway of years. That’s less pressure on financing, but dilution risk is still a problem. Weighted-average shares climbed to 943.5 million from 766.9 million last year.
| Joby signal | Verified data | Investor meaning |
|---|---|---|
| Cash and short-term investments | $2.47 bln | No near-term funding squeeze |
| Q1 operating cash use | $144.4 mln | Certification, making planes keeps burning cash |
| Q1 property/equipment purchases | $77.9 mln | Capex going into factory ramp |
| Weighted-average shares, Q1 2026 | 943.5 mln | Dilution is showing up |
| Weighted-average shares, Q1 2025 | 766.9 mln | Each share now means less ownership |
Joby’s first-quarter revenue came in at $24.2 million, but most of that came from Blade-related passenger flights, using helicopters or fixed-wing aircraft. There were no certified electric air taxi ops driving those numbers. So right now, the revenue line isn’t proof of the eVTOL business model. It’s infrastructure revenue, not the core operation investors came for.
The technical setup is flashing caution too. According to Barchart, Joby now sits under its 5-day, 20-day, 50-day, and 200-day moving averages, with the 200-day at $12.23. The 14-day relative strength comes in at 36.51. That’s not a classic capitulation. The stock is dropping toward support. There’s enough short interest for a sharp bounce on news, but the trend damage could catch early buyers off guard.
Short bets are still on. MarketWatch counted 100.74 million shares sold short as of June 15, or 16.0% of float. A certification or production headline could squeeze shorts fast. This also means a big slice of traders are still paying up to bet against it.
Insider sales from the last two days aren’t outright bearish, but they’re still adding shares to a soft market. President of Operations Bonny Simi sold 7,832 shares at $8.92 on July 2 to cover taxes from an RSU settlement. Chief Policy Officer Gregory Bowles sold 5,158 shares July 2 and another 4,724 shares July 6, the second block under a 10b5-1 plan set up in May 2025. These are tax and planned sales, not pure discretionary selling. Still, with the stock fighting to stay at $8, each new share on the block matters.
Toyota’s stake is a double-edged sword. According to a Schedule 13D amendment, Toyota owns 128.45 million Joby shares, or 13.1% of the stock, out of 983.64 million shares outstanding. That’s sponsor backing. But Toyota also holds big sway, and its new manufacturing joint venture gives it majority control at the vehicle line. For investors, the issue isn’t whether Joby has heavyweight partners. It’s how much future gross profit will go to Joby’s common shareholders.
Bevirt said in May that Joby had the “clearest path” yet to running passenger flights. But the stock isn’t showing much confidence. At $8.12, the price gives weight to cash, optionality and its Toyota ties, but then takes off value for timing, certification risk, and dilution. If shares get back above $9, buyers are signaling they want the Toyota angle again. If it drops past $7.75, the market is treating Joby as just another funded project, not as a business about to launch. Joby Aero, Inc.
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