Mazda and Subaru hop on Toyota's self-driving joint venture with SoftBank
Other Japanese automakers decided to get in on the fun, too.
Last October, Toyota and SoftBank announced the creation of a joint venture called Monet Technologies, which seeks to mix big data and self-driving cars in an effort to create a whole little mobility ecosystem. Now Monet's ranks are expanding in a big way.
Five other Japanese automakers are hopping into Monet Technologies with Toyota and SoftBank, Reuters reports. The group comprises Daihatsu, Isuzu , Mazda , Subaru and Suzuki . Each company will invest approximately 57 million yen (about $530,000) into the company, and in return, each automaker will receive a 2% stake in the company. SoftBank and Toyota both have 35% stakes, according to Reuters.
If you're wondering where the other 20% stake is, it's split between two other Japanese OEMs. Honda and Hino, a Toyota subsidiary for trucks , both announced the purchase of 10% stakes back in March. The two companies paid about $2.27 million each for those slices of Monet Technologies.
The goal of Monet is to build a self-driving car for use in various mobility enterprises, but the focus is on providing a vehicle for a ride-hailing venture that could go up against industry stalwarts like Didi Chuxing, Lyft and Uber. It's believed that Monet will use a vehicle similar to the e-Palette concept Toyota showed off at CES 2018.
The company will start its efforts in Japan, but it hopes to expand to other countries in the mid-2020s. Some of the companies involved have a past history already, especially when it comes to Toyota -- Mazda, Subaru and Suzuki all have research and development agreements with the automaker. Subaru, for example, will co-develop a new EV platform with Toyota, while Mazda and Toyota are teaming up to built a joint-venture plant in the US.
