Dive Brief: - Joby Aviation and the Toyota Motor Corp. have reached a stockholders’ agreement to establish an air mobility joint venture to produce Joby’s S4 Series electric vertical takeoff and landing aircraft, according to a joint press release on Tuesday. - The new entity, dubbed Joby Toyota Aero Manufacturing Preparation Co., will combine Joby’s expertise in electric aviation with Toyota’s knowledge of production systems and facilitating operations. - Under the agreement, Joby will purchase shares valued at $980,000, representing 49% ownership of the joint venture, per a securities filing. Toyota will buy shares valued at $1.02 million, making it the majority owner with a 51% stake. Dive Insight: Joby and Toyota have also entered into an exclusive manufacturing supply contract as well as commercial and intellectual property agreements, according to the securities filing. Furthermore, Joby is expected to grant JTAMPC exclusive rights to manufacture the S4 Series aircraft, subject to certain exceptions set forth in the manufacturing supply contract. As part of the agreement, Toyota will provide the joint venture a royalty-free license to develop manufacturing IP, as well as authority to use the automaker’s background manufacturing IP for a fee. Additionally, the joint entity will retain ownership of any IP it develops and third-party IP created for JTAMPC. The company will also give Joby and Toyota royalty-free licenses to use any of its IP for its products and services. JTAMPC’s headquarters will be located in Marina, California, which will be close to Joby’s home base in nearby Santa Cruz. The new company is required to collaborate with Joby under the terms of the agreement, a Toyota spokesperson said in an email. Joby has additive and subtractive manufacturing, training, machining, aircraft assembly and flight test facilities in Marina, according to a securities filing. The eVTOL maker also operates a