FILE PHOTO: The logo of Toyota, is seen on a car at the Prague auto show Prague, Czech Republic, April 13th, 2019 at the latest. REUTERS/David W Cerny/File Photo
TOKYO (Reuters) – the Five Japanese car makers, including Suzuki Motor Corp and Mazda Motor Corp, on Friday said that they would have to invest 2% of the on-demand, self-driving-car-service business, which was established by SoftBank Corp. and Toyota Motor Corp. (a).
Suzuki, Mazda, Subaru, Corp, Isuzu Motors Ltd. and Toyota’s small car unit, Daihatsu to invest 57.1 million-euro ($530,620) the company is named, Monet, in exchange for a 2% stake in the company, said in a statement.
SoftBank and Toyota, will be provided for the retention of the 35% stake in the company, which is now valued at $26.6 million. The latest investors to join the Honda Motor Co Ltd and Hino Motors Ltd, Toyota’s truck-making operations, which each have 10% stakes.
To be launched In October, the venture’s plans for the roll-out of on-demand bus and a car in Japan, and in the following year, and to provide a platform for electric vehicles in the country as early as 2023, based on the Toyota’s boxy, “e range” multi-purpose vehicle.
His art has been the building up of the members as well as the ride-sharing sphere, which is dominated by startups like Uber Technologies Inc., A Chuxing and Lyft Inc. as well as traditional industry to band together in order to compete in an industry that is placing increasing emphasis on the provision of vehicle services, from the sale of the vehicle to the individual members of the board.
Car manufacturers are increasingly joining forces with technology companies, as well as any of the others if they are struggling to cope with the huge investments in software and expertise, which are necessary for the development of new services for which demand has yet to be tested.
The new investment will also see Suzuki, Mazda, and Subaru to deepen their co-operation with Toyota, as they have already been committed to the R&D firepower of the World’s leading automaker for electric vehicles and future vehicle technology.
Friday’s announcement comes after Monet’s chief executive, told Reuters earlier this month it was planning to expand its customer base and operating in South-east Asia next year.
($1 = 107.6100 of yen)
Reporting by Naomi Tajitsu; Editing by Christopher Cushing