Toyota and SoftBank have decided to team up in the autonomous vehicle industry. They plan to create a joint venture called Monet that will focus on using driverless-car technology to offer innovative services like mobile convenience stores and delivery vehicles that prepare food while on the move. SoftBank will have a majority stake in Monet, with Toyota holding the rest. This partnership is just one of many recent collaborations between tech companies and automakers in the driverless car space.
SoftBank’s Vision Fund, a $100 billion tech-focused investment arm, had previously invested $2.3 billion in General Motors’ self-driving car unit, GM Cruise. Similarly, Honda and General Motors announced that they would be working together to develop fully autonomous vehicles. Additionally, BMW has joined forces with Baidu’s Apollo autonomous driving project.
The autonomous vehicle industry is heating up as companies race to develop cutting-edge technology that will revolutionize transportation. With the rise of driverless cars, new opportunities for businesses and consumers alike are emerging. This joint venture between Toyota and SoftBank signals a significant step forward in the development of autonomous vehicles.
In related news, Facebook is currently under investigation by the Irish Data Protection Commission for a recent hack that impacted up to 50 million accounts. The commission will be looking into whether Facebook complied with European data protection laws. The hack raised concerns about the security of user data and privacy on the social media platform.
On the economic front, the yield on 10-year US Treasuries has reached a seven-year high following positive economic data. Strong US hiring numbers and expectations of rate hikes by the Federal Reserve have contributed to this trend. The robust performance of the US economy has bolstered investor confidence and led to increased bond yields.
In the world of business journalism, CNNMoney is rebranding as CNN Business to better reflect its focus on covering the latest developments in the global economy. The new initiative will delve into how technology is disrupting traditional business models and reshaping industries worldwide. This shift highlights the importance of understanding the impact of technological advancements on businesses and society as a whole.
As global markets continue to fluctuate, it is essential for investors to stay informed about key market trends and earnings reports. Companies like Constellation Brands and Costco are set to release their earnings, while Danske Bank is facing scrutiny from the US Department of Justice in connection to a money laundering scandal. Keeping track of these developments is crucial for making informed investment decisions.
Overall, the collaboration between Toyota and SoftBank in the autonomous vehicle sector underscores the rapid advancements taking place in the transportation industry. With technology driving significant changes in business and society, staying informed about these developments is essential for navigating the evolving landscape of the global economy.
