Japan's Honda, Hino join SoftBank-Toyota mobility venture

March 28, 2019 - 12:26 am

TOKYO (AP) — Japanese automakers Honda and Hino are joining a partnership between SoftBank and Toyota for mobility service innovation such as self-driving cars.

Japanese technology company SoftBank Corp. and Toyota Motor Corp., 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 Motor Co., Toyota's rival, and Hino Motors, Toyota's truck division, said Thursday each company will acquire a 9.9 percent stake in the 2 billion yen ($20 million) Toyota-SoftBank venture Monet Technologies Corp.

Each company invests $250 million yen ($2.3 million), according to the companies.

Toyota and SoftBank also announced Thursday a Monet Consortium, which includes partnerships with 88 other companies, including Coca-Cola Bottlers Japan and East Japan Railway Co. to enhance mobility services.

AP Editorial Categories: