NEW YORK, July 2, 2026, 14:03 EDT
- Joby slipped 4.5% to $8.445, trading close to the day’s low.
- Toyota-Joby’s manufacturing JV launches with $2 million in equity, with Toyota owning 51%.
- The filing doesn’t specify future JV funding, and Toyota’s next $250 million for Joby still depends on future deals.
Joby Aviation, Inc. NYSE:JOBY slipped in early-afternoon Thursday, erasing its earlier gains from news of the Toyota manufacturing joint venture. Shares were near session lows, trailing the overall market.
Shares last changed hands at $8.445, off 4.5% on the day, after moving between $8.44 and $9.085. Around 38 million shares traded. Market value stood near $7.96 billion. The SPDR S&P Transportation ETF (NYSEARCA:XTN) slipped 0.9%. The SPDR S&P 500 ETF Trust (NYSEARCA:SPY) fell 0.7%.
The filing stands out because while the joint venture talks up scale, the actual cash to start the company is limited. Joby’s SEC filing shows Toyota Motor Corp NYSE:TM plans to put in $1.02 million for a 51% stake in Joby Toyota Aero Manufacturing Preparation Company. Joby would put in $980,000 for 49%. Toyota will take three of five board seats.
| Early-afternoon market snapshot | Last | Day move | Market value / volume |
|---|---|---|---|
| Joby Aviation NYSE:JOBY | $8.445 | -4.5% | $7.96 bln / 38.0 mln shares |
| Archer Aviation NYSE:ACHR | $4.865 | -1.1% | $3.73 bln / 19.0 mln shares |
| EHang Holdings NASDAQ:EH | $6.35 | -5.5% | $807 mln / 0.39 mln shares |
| Eve Holding (NYSE:EVEX) | $2.515 | +0.2% | $876 mln / 0.44 mln shares |
| Vertical Aerospace NYSE:EVTL | $1.81 | -1.6% | $400 mln / 1.47 mln shares |
| SPDR S&P Transportation ETF (NYSEARCA:XTN) | $114.95 | -0.9% | 27,918 shares |
| SPDR S&P 500 ETF Trust (NYSEARCA:SPY) | $740.53 | -0.7% | 26.8 mln shares |
Joby and Toyota said their joint venture will build Joby’s S4 Series eVTOL aircraft. Joby shares jumped 7% in premarket trading Tuesday after the news. The new company will be led by a board with two directors from Joby and three from Toyota, according to Reuters.
The SEC filing has more detail. Joby and Toyota still need to work out an exclusive manufacturing supply deal and other commercial and IP agreements before hitting the first funding milestone. The filing shows capital contribution amounts will be decided later in an amended stockholders deal.
| Filing math investors are weighing | Amount / term | Why it matters to Joby holders |
|---|---|---|
| Initial JV equity | $2.0 mln total | That’s roughly 0.03% of Joby’s market cap right now |
| Toyota JV stake | 51% | Toyota gets three board seats, beats Joby’s two |
| Joby JV stake | 49% | Joby won’t have control of the manufacturing prep JV |
| Future JV funding | Not disclosed in dollars | Future funding depends on milestones that haven’t been set yet |
| Toyota second Joby tranche | $250.0 mln | The deal says closing waits on future agreements going effective |
| Q1 operating cash use plus property/equipment purchases | $222.4 mln | The $250 mln coming in is about 1.1 times what Joby spent last quarter |
Joby reported $2.47 billion in cash, cash equivalents and short-term investments at the end of Q1. The company used $144.4 million for operations in the quarter and spent $77.9 million on property and equipment.
The $2.0 million JV seed money is too small to move the balance sheet much. The bigger question is if this setup pushes Joby forward on certified production, but doesn’t mean more spending or fresh dilution. In its latest quarterly filing, Joby said it may tap either equity or debt for future funding, and warned that selling shares could dilute holders.
Joby CEO JoeBen Bevirt said Toyota has worked with Joby for almost ten years. Toyota Chairman Akio Toyoda said Toyota views “air mobility as a natural extension” of what it already does in mobility. Toyota USA Newsroom
The deal puts certification risk into the manufacturing setup. Toyota can walk away in several cases. Those include Joby not keeping FAA type or production certification, the FAA declining to approve the JV as an associate site for Joby’s certificate, Joby not buying a set number of aircraft, or Joby letting a third party handle S4 Series production without approval. There are written cure steps.
The NYSE will be shut Friday, July 3, for the Independence Day holiday. That makes Thursday the last regular trading day for U.S. stocks before the long weekend.
