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Business deals

Toyota and SoftBank tie up to offer new mobility services

The move will heat up competition in self-driving and other technologies

Tie-ups between tech companies and automakers are becoming a shortcut that allows them to quickly offer new services to consumers. 

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.

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