Toyota, Softbank Form New Mobility JV

Toyota Motor Corp. and tech giant SoftBank Corp. have formed a joint venture called Monet Technologies Corp. to commercialize new mobility technologies, including autonomous ride-hailing and delivery services.

Monet, which stands for “mobility network,” will be 50.25% owned by SoftBank and 49.75% held by Toyota. Junichi Miyakawa, SoftBank’s chief technology officer, will head the venture.

Monet will be formally launched next April with Toyota and SoftBank providing a combined 2 billion yen ($18 million). The investment will be increased to 10 billion yen ($88 million) over time, according to the partners.

The partnership will team Toyota’s mobility services platform and information infrastructure for connected vehicles with SoftBank’s Internet of Things, digital payment, big data analysis, sensor and smartphone expertise. The first phase of the program, which will begin next year, will involve ride-hailing services through corporate shuttles and regional partnerships in Japan.

By the second half of next decade, Monet plans to launch autonomous mobility-as-a-service businesses using Toyota’s self-driving e-Palette electric pod, which was demonstrated at the 2017 CES electronics show in Las Vegas. Services could include meal delivery—where food is prepared en route—mobile medical care, shopping and office services.

Following the launch in Japan, the partners aim to eventually expand Monet to other global markets.

SoftBank, which specializes in telecommunications and microchips, has invested in several transportation-related businesses in recent years. In May, SoftBank acquired a nearly 20% stake in General Motors’ Cruise Automation unit for $2.3 billion. The company also is a major investor in ride-hailing services Uber, Grab and Didi Chuxing. Toyota also made recent investments in Uber and Grab.