Mazda, 4 Others Announce Investments in Toyota-Softbank JV

Economy

Tokyo, June 28 (Jiji Press)--Mazda Motor Corp. <7261> and four other Japanese automakers announced Friday that they will invest in Monet Technologies Inc., a mobility service joint venture between Softbank Corp. <9434> and Toyota Motor Corp. <7203>.

The other four are Suzuki Motor Corp. <7269>, Subaru Corp. <7270>, Daihatsu Motor Co. and Isuzu Motors Ltd. <7202>. Each of the five is expected to invest in Monet by August and obtain a stake of approximately 2 pct.

The five companies will join Honda Motor Co. <7267> and Hino Motors Ltd., <7205>, which will make additional investments to maintain their respective stakes of some 10 pct in the joint venture.

The move leaves Nissan Motor Co. <7201> and Mitsubishi Motors Corp. <7211> as the only major automakers not involved in the initiative.

Tokyo-based Monet is developing next-generation mobility services using autonomous driving technology. It plans to conduct road tests in cooperation with local governments nationwide.

[Copyright The Jiji Press, Ltd.]

Jiji Press