TOKYO -- Toyota Motor and SoftBank Group are set to launch a joint venture, Monet Technologies, to offer mobility services, including ride-hailing, by the end of March 2019. The two companies held a news conference in Tokyo today to announce the plan.
Monet will welcome SoftBank Vice President Junichi Miyakawa as CEO. SoftBank will take a 50.25% stake and Toyota 49.75%. The joint venture will be capitalized at 2 billion yen ($17.5 million) initially but will be increased to 10 billion yen in the future.