Joby Aviation, Inc.

Special Note Regarding Forward-Looking Statements

Statements contained in this Annual Report on Form 10-K (this “Annual Report”) which are not historical facts are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, without limitation, statements regarding the future financial position, business strategy and plans and objectives of management of Joby Aviation, Inc. (the “Company,” “we,” “us” or “our”). These statements constitute projections and forecasts and are not guarantees of performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this Annual Report, words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “strive,” “would”, “look forward to” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

These forward-looking statements are based on information available as of the date of this Annual Report and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties including those set forth in Part I, Item 1A “Risk Factors” and elsewhere in this Annual Report and in other documents we file with the U.S. Securities and Exchange Commission. These risks and uncertainties may cause actual results or performance to differ materially from the expectations expressed or implied. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time and it is not possible for us to predict all risks and uncertainties or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statements we may make in this Annual Report or the documents incorporated by reference herein. We cannot assure you that the results, events and circumstances reflected in the forward-looking statements will be achieved or occur. Actual results, events or circumstances could differ materially and adversely from those described or anticipated in the forward-looking statements. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Risk Factors Summary

Our business is subject to a number of risks and uncertainties, which are described in greater detail in Part I, Item 1A “Risk Factors” of this Annual Report, any of which could materially adversely affect our business, financial condition, results of operations, and brand. These risks include:

Risks Related to Our Business and Industry

Certification & Regulatory

•We may be unable to obtain relevant regulatory approvals for the commercialization of our aircraft.

•We may be unable to integrate into the National Airspace System, or it may be unable to accommodate the volume of flights we expect to operate at scale.

•Changes in government regulation could increase our operating costs or extend our certification timeline.

•We may be subject to security regulation that will increase our operating costs.

•We are subject to stringent U.S. export and import control laws and regulations.

•Global trade policies, including tariffs, could adversely affect our operations.

•Rapidly changing laws relating to privacy and data protection may be costly and difficult to comply with.

Market & Service

•The market for UAM may not achieve the growth potential we expect or may grow more slowly than expected.

•There may be reluctance by consumers to adopt this new form of mobility, or unwillingness to pay our prices.

•We may face delays in launching our commercial service.

•Errors or vulnerabilities in software code could harm our business.

•We may be unable to reduce end-user pricing at rates sufficient to drive growth for our service.

•Our competitors may commercialize their technology before us.

•If we are unable to integrate our service with ground transportation services it may limit customer adoption.

•Customers may not differentiate our services from our competitors.

•Our prospects may be affected by changes in consumer preferences that affect demand for our services.

•We may be unable to obtain or maintain adequate facilities and infrastructure.

•Our aircraft utilization may be lower than expected due to weather and other factors.

Aircraft and Production

•Our aircraft may fail to achieve performance expectations.

•We may not be able to produce aircraft in the volumes and on the timelines we project.

•Crashes, accidents or incidents of eVTOL and other aircraft could have a material adverse effect.

•We will initially rely on a single type of aircraft to support our commercial UAM business.

•We depend on suppliers and service partners for raw materials, parts and components.

•Our aircraft may require maintenance at frequencies or at costs which are unexpected.

U.S. Government Contracts and Pre-Certification Operations

•The U.S. government may modify or terminate one or more of our existing contracts.

•We may be unable to grow our relationship with the U.S. government and the Department of Defense.

•We conduct a portion of our business pursuant to U.S. government contracts, which are subject to unique risks.

Risks Related to our Blade Air Charter Operations

•We may not realize the anticipated benefits of our acquisition of Blade.

•We could suffer losses and adverse publicity stemming from accidents involving Blade charter flights.

•The markets for our Blade offerings are still in relatively early stages of growth, and may not continue to grow.

•We may be unable to offer our existing Blade flight schedule and to expand our route network in the future.

•We rely on our third-party operators to provide and operate aircraft.

•Illegal or improper operation of branded aircraft by our third-party operators, could harm our business.

Risks Related to Our Finances and Operations

•We have incurred significant losses since inception, we expect to incur losses in the future.

•We will need additional capital in the future.

•The Toyota Investment is subject to closing conditions.

•We have broad discretion in how we use our assets, and we may not use them effectively.

•Our ability to use our net operating loss carryforwards and certain other tax attributes may be limited.

•We are required to maintain disclosure controls and internal control over financial reporting.

•We may be unable to protect our intellectual property rights from unauthorized use by third parties.

•If conflicts arise between us and our strategic partners, our business could be adversely affected.

•We may invest significant resources in developing new offerings that may never materialize.

•Any material disruption in our information systems could adversely affect our business.

•We or our third-party service providers may experience a security breach.

•Our intended initial operations are concentrated in a small number of metropolitan areas.

•We currently have subsidiaries located outside of the United States and plans for international operations.

•We are subject to risks arising from natural disasters and severe weather conditions.

•We may not be able to secure adequate insurance policies, or secure insurance policies at reasonable prices.

•We are dependent on our senior management team and other highly skilled personnel.

•Our business may be adversely affected by union activities.

Additional Risks Related to Ownership of Our Common Stock

•The price of our common stock has been and may continue to be volatile.

•We do not intend to pay cash dividends for the foreseeable future.

•Analysts may not publish research about our business or may publish inaccurate or unfavorable research.

•We may be subject to securities litigation, activist investors and short-selling campaigns.

•Future resales of common stock may cause the market price of our securities to drop significantly.

•Our charter documents include provisions designed to ensure compliance with applicable aviation regulations.

•We could be deemed to be an investment company under the Investment Company Act of 1940.

Market and Industry Data

This Annual Report includes industry and market data obtained from periodic industry publications, third-party surveys and studies, including from Morgan Stanley and government and industry sources. Industry publications and surveys generally state that the information contained therein has been obtained from sources believed to be reliable. Although we believe the industry and market data to be reliable as of the date of this Annual Report, this information could prove to be inaccurate. Industry and market data could be wrong because of the method by which sources obtained their data and because information cannot always be verified with complete certainty due to the limits on the availability and reliability of raw data, the voluntary nature of the data gathering process and other limitations and uncertainties. Each publication, study and report speaks as of its original publication date (and not as of the date of this Annual Report). Certain of these publications, studies and reports were published before the COVID-19 pandemic and therefore do not reflect any impact of COVID-19 on any specific market. In addition, we do not know all of the assumptions regarding general economic conditions or growth that were used in preparing the forecasts from the sources relied upon or cited herein.