TOKYO (dpa-AFX) - Joby Aviation, Inc. (JOBY), an air mobility company, Tuesday announced the launch of its initial phase of strategic manufacturing alliance with Japanese automaker Toyota Motor Corporation by establishing a joint venture to realize air mobility.
The strategic alliance will combine Joby's work in electric aviation with Toyota's expertise in production systems and operational excellence to establish groundwork for commercial production, and advance manufacturing excellence.
Going forward, this alliance will also aid expansion of Joby's production capacity to support aircraft certification and meet anticipated growth in demand for its electric vertical take-off and landing or eVTOL aircraft.
In pre-market activity, JOBY shares were trading at $9, up 4.54% on the Nasdaq and TM shares were trading at $169.10, down 1.39% on the New York Stock Exchange.
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