Joby Aviation (NYSE: JOBY), a leading company developing eVTOL aircraft for commercial passenger service, and Toyota Motor (NYSE: TM) have announced a long-term agreement in which Toyota will supply powertrain and actuation components for the production of Joby’s electric aircraft. 

The components, designed by Joby and manufactured by Toyota, will be delivered to Joby’s powertrain and electronics manufacturing facility in San Carlos, California, before the finished assemblies are shipped to the Company’s pilot production line in Marina for integration.

This agreement strengthens the existing partnership between Joby and Toyota, which has been ongoing for a while. Both companies have worked together on multiple projects to facilitate the manufacturing and construction of the Joby aircraft.

JoeBen Bevirt, founder and CEO of Joby stated: “Our partnership with Toyota continues to be an integral part of Joby’s success, from assisting in the design of our pilot production line in Marina, California, to supplying key components for our aircraft.”

Keiji Yamamoto, President of Toyota Motor added: “Our mutual goal is mass production of eVTOL and helping Joby apply the best practices of the Toyota Production System in meeting high quality, reliability, safety, and strict cost standards.”

Joby Aviation is a California-based transportation company developing an all-electric, vertical take-off and landing aircraft which it intends to operate as part of a fast, quiet, and convenient service in cities around the world.

Shares of Joby Aviation trade on the NYSE under the ticker symbol JOBY. Shares of Toyota Motor also trade on the NYSE under the ticker symbol TM.