Japanese automakers Honda Motor Co and Hino Motors Ltd are joining a partnership between Softbank Group Corp and Toyota Motor Corp for mobility service innovation such as self-driving cars.
Japanese technology company Softbank and Toyota, the nation’s top automaker, announced late last year a joint venture for mobility services, in what they called a “united Japan” effort to face global competition.
Honda, Toyota’s rival, and Hino, Toyota’s truck division, yesterday said that each would acquire a 9.9 percent stake in the ¥2 billion (US$18.16 million) Toyota-Softbank venture Monet Technologies Corp.
Each company is to invest ¥250 million, the companies said.
Toyota and Softbank also announced a Monet Consortium, which includes partnerships with 88 other companies, including Coca-Cola Bottlers Japan and East Japan Railway Co, to enhance mobility services.
Philips Japan Ltd, a health technology company, developer Mitsubishi Estate Co Ltd and Yahoo Japan Corp have also agreed to join the consortium.
Technology experts say advances in artificial intelligence and sensors are opening up potential for autonomous driving and other mobility services, although safety concerns remain a major hurdle.
Honda chief executive officer Takahiro Hachigo said that collaborating with Monet would include efforts to realize regulatory changes.
“Honda wants to contribute to the revitalization of the mobility service industry in Japan and solve traffic-related problems facing Japanese society,” he said.
Hino president and chief executive Yoshio Shimo said that the move was part of the truckmaker’s ongoing efforts to transport goods and people.
“Through this partnership, we will strive to achieve our vision of creating a world where people and goods move freely, safely and efficiently,” Shimo said.
Softbank owns 40.2 percent of Monet Technologies, while Toyota owns 39.8 percent.
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