Two titans of Japanese industry, Toyota Motor Corp. and SoftBank Group Corp. said Thursday they are setting up a new joint venture to develop autonomous driving technologies and other on-demand services, including food deliveries, medical care and office space.
Funded with an initial investment of ¥2 billion (around $17.5 million), the new company, Monet Technologies Corp., will begin operations as early as next March. While the on-demand services will initially roll out using traditional vehicles, by 2020 the company is aiming to utilize Toyota's driverless concept vehicle, E-Palette.
Both Toyota President Akio Toyoda and SoftBank Chairman Masayoshi Son painted the partnership as part of a broader vision to embrace new business ideas in an age of artificial intelligence.