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Toyota mobility tech unit backed by ex-CEO reports negative net worth

Subsidiary that Akio Toyoda invests in grapples with mounting costs

Toyota Motor's Woven City is designed to serve as a test course for self-driving cars and other new technologies. (Photo courtesy of Toyota)

NAGOYA, Japan -- A Toyota Motor subsidiary working to build a smart "Woven City" near Mount Fuji held 6 billion yen ($41.5 million) more in liabilities than assets as of the end of March, according to earnings documents disclosed by Friday.

Toyota and Tokyo-based unit Woven Planet Holdings broke ground on the project in Shizuoka prefecture in February 2021. The city will serve as a testing ground for autonomous vehicles, advanced logistics chains and other cutting-edge technology, with initial trials slated to start in 2025.

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