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Honda, Hino to join SoftBank, Toyota's self-driving car service venture

Japanese tech and telecoms conglomerate SoftBank and Toyota formed the joint venture last year. It will foray in the ride-sharing sphere that is dominated by Uber, Didi Chuxing and Lyft

Reuters  |  Tokyo 

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Motor Co and Japanese Motors Ltd will join a joint venture of Corp and Motor Corp that aims to develop self-driving car services, the venture said on Thursday.

Under an agreement, and Hino, in which owns a majority stake, would each invest around 250 million yen ($2.27 million) in the joint venture, Monet Technologies, and take 10 percent stakes in the venture, Monet said.

Japanese tech and SoftBank and formed the joint venture last year. It will foray in the ride-sharing sphere that is dominated by Uber, and Lyft, as and tech battle for dominance in self-driving cars in anticipation of a future where people drive less.

Monet plans to roll out a platform to operate self-driving vehicles in the later half of the 2020s based on Toyota's "e-palette", a boxy multi-purpose vehicle which can be used for on-demand mobile shops, offices and other services.

The new investment from and would leave SoftBank with a 40.2 percent stake in Monet, down from just over 50 percent when the venture was formed. hold a 39.8 percent stake.

Monet also said it had formed a consortium of 88 Japanese including Coca-Cola Bottlers Japan, and to collaborate on projects, which could include product delivery or

Through its Vision Fund's investments, is already a major player in ride sharing. Founder and says his portfolio companies, which include Uber, Didi, and Ola, control 90 percent of the industry.

 

First Published: Thu, March 28 2019. 10:03 IST
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