Honda, Hino to Join Toyota-Softbank Mobility JV

Economy

Tokyo, March 28 (Jiji Press)--Monet Technologies Inc., a joint venture between Toyota Motor Corp. <7203> and Softbank Corp. <9434>, said Thursday that it will receive investment from Honda Motor Co. <7267> and Hino Motors Ltd. <7205> and cooperate with them to develop next-generation mobility services, such as autonomous driving.

Through Monet Technologies, the three Japanese automakers and Softbank, a major mobile phone carrier in the country, are set to vie with Google and other foreign information technology giants in the field of mobility services.

Each of Honda and Hino will gain an equity stake of some 10 pct in Monet Technologies by investing about 250 million yen in the company.

Monet Technologies President and Chief Executive Officer Junichi Miyakawa said at a press conference in Tokyo that the company aims to obtain data on all vehicles used in Japan. "The more data we collect, the safer new mobility services will be," he added.

He suggested that Monet Technologies will seek participation by more Japanese automakers to better compete with foreign giants.

[Copyright The Jiji Press, Ltd.]

Jiji Press