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One of the great chapters in America's history is how we converted our economy to wartime production in the 1940s and used our industrial power to win WWII. I'd learned in high school that we converted car factories into tank factories. But I never knew the full story until last month, when I read Freedom's Forge, the definitive book on this. It turns out the true story is even crazier and more impressive. In honor of July 4th, here's the story of how America won WWII, one factory at a time.

Disclaimer: This post reflects my purely personal opinions and does not constitute investment advice. Why I Currently Hold a Bearish View on the Joby-Toyota Unfair Joint Venture Agreement 1. Certain significant actions of JTAMPC require the prior approval of both Joby and Toyota, subject to specified ownership thresholds. My Thesis: With the board of directors split 3-to-2 in favor of Toyota, Toyota holds absolute structural and operational superiority. 2. JTAMPC will be granted exclusive rights to manufacture the S4 Series. My Thesis: Joby is legally barred from manufacturing any S4 series aircraft—including the military variants currently under development—through anyone other than Toyota. 3. Jointly developed aircraft-related IP will be assigned to Joby, while jointly developed manufacturing-related IP will be assigned to Toyota. My Thesis: Because Toyota hoards 100% of the manufacturing-related IP, if Joby ever wishes to switch manufacturing partners in the future, they will be forced to redesign their entire production infrastructure and assembly lines from scratch. 4. JTAMPC will retain ownership of any intellectual property developed solely by JTAMPC or for JTAMPC by any third party. My Thesis: Any technology generated within this ecosystem legally becomes the exclusive property of the JV. Since Toyota holds the 51% majority stake and controls the board, all ultimate decisions regarding this IP will be dictated solely by Toyota. 5. JTAMPC will grant each of Joby and Toyota royalty-free licenses to use any JTAMPC-owned intellectual property for their respective products and services. My Thesis: Armed with these manufacturing and retained IPs, Toyota will be fully capitalized to develop its own proprietary technologies, such as hydrogen-powered automobiles, completely independent of Joby's consent. 6. If the parties fail to agree on the terms of the Future Agreements, either party may terminate the contract. Conclusion My Thesis: In my view, this contract must either be heavily renegotiated or completely terminated. Unlike Archer’s straightforward aircraft-sales (OEM) model, Joby’s business model centers on operating its own air taxi network, which inevitably demands a massive amount of capital moving forward. Leaving the absolute leverage of manufacturing in Toyota's hands will likely trigger severe complications for military supply chains. Joby is not just a simple air taxi startup; as Donald Trump often emphasizes, drone and aerial hegemony is a matter of national security, and this critical American technology could effectively be surrendered to a foreign corporate giant. Please do not misunderstand—I genuinely like both the US and Japan. As long as it is not China, I am fine with it. However, think about the chilling reality: Joby is currently developing a hydrogen-hybrid powertrain, yet under this contract, that core manufacturing technology will be seamlessly absorbed by Japan, leaving Joby in a position where it must seek permission from a foreign entity just to produce its own aircraft.