In brief: Toyota, SoftBank to team up for future car technologies

Toyota and SoftBank said they would team up to develop new transport services, adding to a slew of deals aimed at sharing costs and securing expertise in technologies, which promise to drastically change the way people use cars.

The partnership between Japan’s top automaker and tech firm shows that even the biggest, well-funded players fear being left behind in the race to develop self-driving and connected cars.

Source: Reuters

The companies will form a joint venture to be called Monet – short for “mobility network.” The JV will have an initial capital of US$17.5 million. SoftBank will own 50.25 percent of it, and Toyota the rest.

Both firms have investments and partnerships with ride-hailing companies Uber, Grab, and Didi Chuxing.