Honda, Hino Join Toyota-Softbank Mobility Venture

Honda and Hino Motors are joining the venture being launched next month by Toyota and Softbank Group to develop services that involve self-driving vehicles.

The two newcomers each will invest about 250 million yen ($2.3 million) to gain 10% stakes in Monet Technologies Corp. Toyota and Softbank each will own 40% of the venture, which was formed last October.

Monet will focus on the Japanese market initially but is expected to eventually expand overseas. Initial services are likely to be ride-hailing services for corporations and regional governments.