Joby Aviation, Inc. (Joby) announced the closing of the first $250 million tranche of a previously disclosed strategic investment from Toyota Motor Corporation (Toyota). The investment is part of a larger private placement totaling up to $500,000,002.37, structured in two equal tranches, with shares priced at $5.03 each. On May 22, 2025, Joby issued 49,701,790 shares to Toyota for an aggregate purchase price of $250,000,003.70, completing the first tranche. The Amended and Restated Stock Purchase Agreement (A&R Stock Purchase Agreement) removed a prior 'Services Agreement Closing Condition' for the first tranche. Concurrently, Joby and Toyota entered into a Second Amended and Restated Collaboration Agreement, which satisfied a closing condition for the first tranche. This Collaboration Agreement reaffirms their working relationship, sets additional goals, and expands Toyota's role as Joby's preferred manufacturing partner. The parties will implement collaboration projects covering design, manufacturing, and supply support, and will explore establishing an alliance for low-volume commercial manufacturing of the S4 and its derivatives. Joby has committed to seeking proposals from Toyota for its production and supply needs, aircraft maintenance, repair, and overhaul (MRO) services, and potential air taxi services in Japan. The second tranche of the investment, for an additional $250 million, is subject to further conditions, including Joby obtaining necessary stockholder approvals for its Amended and Restated Certificate of Incorporation and the execution of strategic alliance agreements for low-volume commercial production.