Toyota venture is investing more than $2.8 billion to develop automated driving software. Toyota Motor Corp is indulging in a new venture which is going to invest more than $2.8 billion in order to develop automated-driving software. This modern barrage is in getting more and more feverish battle to be ahead in an industry hit by a slide of disruptive technologies.
In this Tokyo-based venture, there will be about 1,000 employees as well as new hires. The venture will be 90 percent held by Toyota with group suppliers Denso Corp and Aisin Seiki Co taking 5 % each.
The project leader James Kuffner, who will lead the venture, said in a statement,
“This company’s mission is to accelerate software development in a more effective and disruptive way, by augmenting the Toyota Group’s capability through the hiring of world-class software engineers”.
Initiating this kind of new venture, Toyota Research Institute-Advanced Development, makes it to the list of firms such as Alphabet Inc’s Waymo and Tesla Inc by giving traditional automakers a run for their money in manufacturing self-driving and electric cars.
The establishment of the new venture,
According to a statement, English is set to be the main business language of the new venture.
On the other hand, Toyota is looking ahead and also investing $1 billion in artificial intelligence and other technologies via its US-based Toyota Research Institute, and has hit up technology partnerships with Microsoft Corp and Uber Technologies.
Last month, the unit of venture capital of Toyota Research Institute said it was co-leading an $11.5-million seed investment in May Mobility. It is an Ann Arbor-based startup that is developing and manufacturing self-driving shuttles for college campuses, central business districts and similar low-speed applications.
Entering into such kind of ventures and startups would make Toyota Research Institute a step ahead in terms of latest technologies and self driving software.