Joby Aviation, through its subsidiary, formed a joint venture with Toyota called JTAMPC to manufacture its S4 Series eVTOL aircraft. Joby holds a 49% stake in the joint venture for a $0.98 million cash investment, while Toyota holds 51% for $1.02 million. The joint venture's board will have five directors—two from Joby and three from Toyota—and certain major decisions require approval from both parties or solely from Toyota. The companies will negotiate an exclusive manufacturing supply agreement and intellectual property licensing terms before the first funding milestone.
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