Joby Aviation stocks closed at $7.66 on July 21, 2026, down 63% from its 52-week high of $20.95 and near its 52-week low of $6.89. The decline followed a June 30, 2026 corporate filing that disclosed Toyota holds 51% of a manufacturing joint venture formed June 29, 2026, with most capital conditional on certification and design milestones. The Federal Aviation Administration confirmed in late March 2026 that Joby completed Stage 4 of type certification, leaving only Stage 5 with issuance estimated for late 2026. The stock's repricing reflects investor response to the joint venture's control structure and conditional capital terms rather than certification delays.
Toyota Manufacturing Joint Venture Discloses 51% Ownership and Conditional Capital Terms
Joby Aviation and Toyota announced a manufacturing alliance on June 30, 2026. The subsequent filing disclosed that Toyota holds 51% of the joint venture and Joby holds 49%, with the bulk of Toyota's capital conditional on certification and design milestones. The Delaware entity, Joby Toyota Aero Manufacturing Preparation Company, was formed on June 29, 2026.
JoeBen Bevirt, Founder and Chief Executive Officer of Joby Aviation, stated: "Toyota has been by Joby's side for nearly a decade, providing invaluable guidance and support as we built the foundation for manufacturing our aircraft. Today's announcement reflects the strength of our relationship and our shared confidence in the opportunity ahead."
Akio Toyoda, Chairman of Toyota Motor Corporation, described the partnership: "We see air mobility as a natural extension of that philosophy — from the ground into the sky — and as a way to bring new value to people's lives and to society."
Shares rose on the initial announcement and fell once the filing landed with the ownership and capital structure details.
FAA Stage 4 Certification Completed in Late March 2026
Joby completed Stage 4 of five FAA type certification stages in late March 2026. Stage 5 requires the company to finish remaining for-credit flight testing with FAA test pilots at the controls, demonstrate compliance with outstanding airworthiness standards, and receive the final administrative determination. The FAA stated that timing depends on applicant performance and the resolution of open compliance findings. Issuance is estimated for late 2026.
The company appeared at the Farnborough International Airshow in July and made new 52-week lows during the same period. Archer Aviation, a US competitor, rose on a defence partnership reveal at the same event.
Joby Aviation Reports $2.47 Billion Liquidity Against $222 Million Quarterly Cash Burn
Joby reported approximately $874.5 million in cash and about $2.47 billion including short-term investments as of Q1 2026. The liquidity was built on a $600 million equity offering and a $690 million convertible note issuance. Free cash flow ran at approximately -$222 million for the quarter. This implies roughly 11 quarters of runway.
Trailing-twelve-month revenue reached $77.67 million against a net loss of $957.39 million, a loss 12.3 times revenue. The company has 983.64 million shares outstanding. Market capitalisation stood at $7.53 billion as of July 21, 2026, down 49.6% year on year.
Analyst consensus across 11 analysts is Hold with an average 12-month target of $11.01. HC Wainwright set a target of $13.00 and Cantor Fitzgerald set a target of $9.00.
Regulatory Approvals Required Beyond Type Certificate
Joby requires three separate FAA approvals: the type certificate for the aircraft, a production certificate permitting manufacture at rate, and Part 135 air carrier authority to operate commercial passenger service. Each is a distinct FAA process on its own timeline. The Toyota joint venture's stated purpose includes expanding production capacity for certification.
Infrastructure constraints include vertiport availability, air traffic integration for high-density low-altitude operations, and municipal noise and siting rules set by aviation authorities and local governments.
Analyst Targets Range from $6.89 to $13.00
The $13.00 bull case from HC Wainwright implies roughly 70% upside from $7.66 and requires the certificate on schedule plus visible Toyota funding. The $9.00 Cantor Fitzgerald target represents 17% upside. The $6.89 bear case matches the 52-week low and does not require certification failure, only that Stage 5 slips while the burn continues and Toyota capital stays behind its milestones.
The August 5, 2026 earnings report is the near-term event. Key disclosures include whether any Toyota joint-venture capital has been received and whether Q2 free cash flow held near the -$222 million Q1 level.
FAQ
What is the Joby Aviation stock price as of July 21, 2026?
Joby Aviation stocks closed at $7.66 on July 21, 2026, roughly 63% below the 52-week high of $20.95 and near the 52-week low of $6.89. The market capitalisation stood at $7.53 billion.
What are the terms of the Toyota manufacturing joint venture disclosed on June 30, 2026?
Toyota holds 51% of the manufacturing joint venture formed June 29, 2026, and Joby holds 49%. The bulk of Toyota's capital is conditional on certification and design milestones. The entity is named Joby Toyota Aero Manufacturing Preparation Company.
When is Joby Aviation expected to receive FAA Stage 5 type certification?
Joby completed Stage 4 in late March 2026. Stage 5 requires remaining for-credit flight testing with FAA test pilots, compliance with outstanding airworthiness standards, and final administrative determination. Issuance is estimated for late 2026, though the FAA has not committed to a specific date and stated timing depends on applicant performance and resolution of open compliance findings.
