Five automakers join Toyota-SoftBanks's self-driving vehicle venture
Five Japanese automakers are each investing in the on-demand, self-driving vehicle Monet join venture set up by SoftBank and Toyota Motor.
Mazda, Suzuki, Subaru, Isuzu and Daihatsu will each invest 57.1 million yen (530 thousand dollars) in Monet in return for a 2 percent stake.
SoftBank and Toyota will each retain their 35 percent stakes in the company, which is now capitalized at $26.6 million.
The latest investors join Honda and Hino. The two companies were making additional investments in the service but will each retain 10 percent stakes.
Monet plans to roll out on-demand bus and vehicle services in Japan in the next year, and a services platform for electric vehicles in the country as early as 2023 based on Toyota's boxy "e-palette" multi-purpose vehicle.