Toyota, Softbank to Jointly Develop New Mobility Services

Economy

Tokyo, Oct. 4 (Jiji Press)--Toyota Motor Corp. <7203> and Softbank Group Corp. <9984> said Thursday that they have agreed to form a strategic partnership and establish a joint venture for new mobility services including those using automated driving technology.

This is the first time for the two major Japanese companies to forge a partnership and launch a new business.

The joint company, Monet Technologies Corp., will work to "help realize a safer and more comfortable mobility society" by bringing together Toyota's information infrastructure for connected vehicles and Softbank's Internet of Things platform, the two partners said in a statement.

In the envisioned business, Toyota's e-Palette autonomous vehicle is expected to be used for chauffeur and other services.

The new company will initially have a capital of 2 billion yen, and the amount will be raised to 10 billion yen in the future. Monet Technologies will be owned 50.25 pct by Softbank and 49.75 pct by Toyota.

[Copyright The Jiji Press, Ltd.]

Jiji Press