TOKYO: Toyota Motor Corp said a new venture would be investing more than $2.8 billion to develop automated-driving software — the latest salvo in an increasingly frenetic battle to be ahead in a sector hit by a slew of disruptive technologies.
The Tokyo-based venture, which will bring together some 1,000 employees including new hires, will be 90 per cent held by Toyota with group suppliers Denso Corp and Aisin Seiki Co each taking 5 per cent.
“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,” James Kuffner, who will lead the venture, said in a statement.
The establishment of the new venture, Toyota Research Institute-Advanced Development, comes as firms such as Alphabet Inc’s Waymo and Tesla Inc give traditional automakers a run for their money in building self-driving and electric cars. English is set to be the main business language of the new venture, the statement said. — Reuters
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