Joby Aviation, Inc. (NYSE:JOBY) closed the week at $7.72, marking a 9.1% decline and a new 52-week low of $7.67 on Friday. The electric air taxi developer has now surrendered all gains from the June 30 manufacturing partnership with Toyota Motor Corp. (NYSE:TM), with shares trading 10.5% below their June 29 close.
The slide comes as a pre-arranged insider trading plan, established by founder and CEO JoeBen Bevirt in March, is set to begin Wednesday, July 15. According to a quarterly filing, the Rule 10b5-1 plan permits the sale of up to 2,221,019 Joby shares through September 30. Since the plan was implemented months ago with predetermined terms, it is not a reaction to last week's price drop.
At Friday's closing price, the maximum block of shares is valued at approximately $17.1 million, representing 7.1% of the 31.3 million shares traded that day. If spread evenly over 55 trading sessions, the daily run rate would be about 40,400 shares, or 0.13% of Friday's volume. This suggests the selling may act more as a psychological drag on sentiment rather than a significant supply overhang. The shares are held by Bevirt and the Joby Trust, not the company itself.
The broader eVTOL sector also experienced turbulence. Archer Aviation Inc. (NYSE:ACHR) gained 7.8% on Monday but dropped 8.2% on Tuesday, while Joby rose 5.1% before falling 9.0%. Despite similar patterns, Joby underperformed Archer by 4.1 percentage points and lagged the Russell 2000 by 8.5 points for the week. The S&P 500 rose 1.2% during the same period.
The Toyota joint venture remains a focal point. The companies have stated that the partnership will initially target improvements in productivity, quality, and cost, with plans to explore capacity expansion later. Bevirt described the venture as demonstrating “shared confidence in the opportunity ahead,” while Toyota’s Akio Toyoda called air mobility “a natural extension” of Toyota’s capabilities. However, the deal still requires final manufacturing and intellectual property agreements, and either party can withdraw if negotiations fail, according to Joby’s SEC filing.
Joby ended the first quarter with $2.5 billion in cash, cash equivalents, and short-term investments. During the quarter, its first FAA-conforming test aircraft—built to the design under regulatory review—completed a flight. The company also finished the third of four major certification reviews. While the cash position provides a runway, significant uncertainties remain regarding certification and the transition to full-scale production.
Investors are bracing for a data-heavy week, with the consumer price index due Tuesday, the producer price index on Wednesday, and retail sales on Thursday. Federal Reserve Chair Kevin Warsh is scheduled for a Congressional hearing. Higher interest rates tend to weigh on companies reliant on future profitability. “It just seems like a lot of factors coming to a head all at once,” said Michael Reynolds, vice president of investment strategy at Glenmede.
The planned selling could ultimately be smaller than the stated maximum or may not occur at all, as the filing includes conditions. Favorable inflation data, progress on certification, or new Toyota developments could lift the stock. Conversely, concentrated selling, persistent inflation, or delays could push shares below Friday’s lows. Joby has no investor events on its calendar. On Monday, traders will monitor support at $7.67, any co-movement with Archer, and potential new ownership filings once the trading window opens Wednesday.
