Five Japanese automakers sign on to SoftBank-Toyota self-drive venture

Five Japanese automakers sign on to SoftBank-Toyota self-drive venture
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TOKYO (Reuters) – Five Japanese automakers including Suzuki Motor Corp and Mazda Motor Corp on Friday said they would each invest 2% in the on-demand, self-driving car service venture set up by SoftBank Corp and Toyota Motor Corp.

Suzuki, Mazda, Subaru Corp, Isuzu Motors Ltd and Toyota’s compact car unit Daihatsu will each take a stake of 2% in the venture – dubbed Monet – which is developing new mobility services, the companies said in a statement.

SoftBank and Toyota will each retain their 35% stakes in the company, which plans to roll out on-demand bus and car services in Japan in the next year, and a services platform for electric vehicles as early as 2023 based on Toyota’s boxy “e-palette” multi-purpose vehicle.

(Reporting by Naomi Tajitsu; Editing by Christopher Cushing)

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