Joby Aviation, Inc. (NYSE:JOBY), a company developing electric air taxis for commercial passenger service, today announced it has signed a letter of intent to sell electric vertical takeoff and landing (eVTOL) aircraft and services valued at up to $250 million to Alatau Advance Air Group (“AAAG”), a company dedicated to introducing air taxis to Kazakhstan. The agreement, which includes pre-delivery payments, is being supported by a parallel memorandum of understanding between Joby and the Ministry of Artificial Intelligence and Digital Development of the Republic of Kazakhstan. The Ministry has committed to embracing the development of Advanced Air Mobility in Kazakhstan, including the creation of the regulatory environment and infrastructure required for the successful implementation of air taxis.

AAAG is at the forefront of the development of Alatau City, a 340 square mile city development project that is set to become a Central Asian international hub and an early launch market for air taxis in the region. The parties will also collaborate on sourcing critical materials, including titanium and rare earth metals, from Kazakhstan for the production of Joby’s aircraft.

“Kazakhstan is taking a step into the future of innovative transportation. The purchase of electric eVTOL aircraft will mark an important milestone in the development of smart cities and the adoption of cutting-edge technologies. This initiative will contribute to the growth of Alatau City as a unique hub of advanced technologies of the future,” said Zhaslan Madiyev, Deputy Prime Minister and Minister of Artificial Intelligence and Digital Development of the Republic of Kazakhstan.