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Made by Toyota: Joby Aviation Targeting 4 Aircraft Per Month
Author: Jeffrey Neal Johnson. First Published: 2/17/2026.
What You Need to Know
- Toyota has deployed a team of engineers to Joby's facilities to implement the Toyota Production System to improve manufacturing efficiency.
- Joby recently secured capital to fund operations through the certification phase and support the expansion of its production capabilities.
- The company is shifting from a research startup to an industrial manufacturer with a clear path toward commercial passenger flights in the near future.
The stock chart for Joby Aviation (NYSE: JOBY) tells one story, but activity on the factory floor tells a different one. As of mid-February, shares of the electric air taxi pioneer are trading near $9.88.
That reflects a roughly 25% year-to-date decline, rattling retail investors who are watching the company burn cash while awaiting the launch of commercial flights. But a significant announcement on Feb. 17 signals Joby is shifting from a research startup toward becoming a serious industrial manufacturer within the aerospace sector.
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See the five stocks to avoid and learn what's driving this shift.Joby revealed updated plans to double its manufacturing capacity, officially targeting a production rate of four aircraft per month by 2027. While four may sound small to an automotive investor, in aerospace that rate represents a meaningful leap forward.
The critical detail for investors isn't just the target number but how Joby plans to reach it. The company is not doing this alone: it is deploying nearly 200 engineers from Toyota (NYSE: TM) directly into its facilities to oversee the expansion. That shift suggests the primary risk for Joby is no longer whether its aircraft will fly, but whether it can build thousands of them without running out of cash.
The Toyota Production System Arrives
For years the Joby–Toyota partnership was viewed mainly as a financial lifeline. Toyota has invested nearly $900 million in the startup, providing capital to keep operations funded through an expensive R&D phase. The Feb. 17 update, however, changes the relationship from passive investment to active management.
About 200 Toyota engineers will join Joby's pilot production line in Marina, California, and its planned high-volume facility in Dayton, Ohio, representing a substantial transfer of manufacturing know-how. These engineers are tasked with implementing the Toyota Production System (TPS).
For those unfamiliar with manufacturing, TPS is widely regarded as the gold standard for efficiency. It emphasizes three core pillars:
- Just-in-Time Production: Reducing inventory costs by having parts arrive exactly when needed.
- Jidoka (Automation with a Human Touch): Designing machines that stop automatically when a defect is detected to prevent defective parts from progressing down the line.
- Kaizen (Continuous Improvement): A culture where every worker is empowered to suggest changes that improve speed and quality.
Translating that logic to aerospace could yield a significant competitive advantage. Traditional aviation manufacturing is often bespoke, slow and expensive. By adopting automotive-grade efficiency, Joby aims to sharply lower the unit cost of each aircraft.
If Joby can produce four aircraft per month by 2027 with low defect rates, it would create a clearer path to profitability that competitors relying on standard aerospace methods may struggle to match. That operational moat is hard to quantify on a balance sheet today, but it could be the foundation for future earnings.
The Price of Ambition
Building a factory and hiring hundreds of specialized engineers is expensive. That reality hit shareholders in late January 2026, when Joby executed a capital raise of roughly $1 billion through a mix of new stock and convertible bonds.
The market reacted negatively, driving the stock down about 17% in days. The drop was driven by dilution: issuing new shares reduces existing shareholders' ownership and often lowers the share price in the short term.
Still, in the capital-intensive world of aerospace, cash is oxygen. After the raise, Joby's cash reserves sit above $1 billion. That war chest matters for two reasons:
- Burn Rate: The company reported a net loss of approximately $401 million in the third quarter of 2025. Without the January capital injection, the aggressive manufacturing targets announced this week would have been mathematically impossible.
- Infrastructure: The funds support acquisition and tooling for the planned 700,000-square-foot facility in Dayton, Ohio.
Investors must weigh the pain of short-term dilution against the risk of insolvency. The electric vertical take-off and landing (eVTOL) sector is littered with companies running low on funds. By securing capital now, Joby has bought the runway needed to survive the critical 2026–2027 ramp-up phase. The share-price drop was essentially the price of admission to keep the company solvent through that period.
Volatility vs. Viability
The road ahead will likely remain volatile. While the 2027 manufacturing targets provide a clear destination, Joby still needs to execute its commercial launch. The company is targeting the start of passenger services in Dubai in 2026, followed by operations in New York and Los Angeles in partnership with Delta Air Lines.
Despite current bearish sentiment and a Reduce consensus rating from some analysts, the average price target sits at $13.21 — implying more than 30% upside from current levels (~$9.88). That gap suggests Wall Street is cautious about timing but recognizes the value of Joby's underlying assets.
For investors, the thesis is straightforward: the recent share-price decline is a backward-looking reaction to financing, while the Toyota integration is a forward-looking signal of operational viability.
Joby is trading stock volatility for operational stability. If the company can hit four aircraft per month by 2027, today's share price may ultimately look like a discount on a major industrial player.
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