SoftBank and Toyota have joined forces to bring a revolution in the world of transportation with driverless cars and other advanced technologies. The two Japanese giants have come together to create a new joint venture called Monet, which will focus on developing innovative services using autonomous vehicle technology. These services may include mobile convenience stores and delivery vehicles that prepare food while on the move.
In this partnership, SoftBank will have a slight majority ownership of Monet, with Toyota holding the remaining stake. The name “Monet” is not a nod to the famous French painter Claude Monet, but rather a combination of the words “mobility network.” The collaboration was announced in Tokyo with the presence of Toyota President Akio Toyoda and SoftBank CEO Masayoshi Son, marking a rare joint appearance of the top executives of two of Japan’s leading global companies.
The idea for this alliance came from Toyota, as they sought to compete with other global players who are also investing heavily in autonomous driving technology. Companies like Alphabet, the parent company of Google, and Chinese tech giant Baidu are all working on self-driving vehicles, which have the potential to disrupt the auto industry and transform the ride-hailing business.
SoftBank, under the leadership of billionaire founder Masayoshi Son, has a vast empire of AI companies, internet businesses, and ride-hailing startups. This provides Monet with a wealth of data on traffic patterns, passenger demands, and other transportation trends. By combining SoftBank’s tech and data capabilities with Toyota’s expertise in vehicle manufacturing, the joint venture aims to address the challenges posed by Japan’s aging population and shrinking workforce.
Over the next decade, Monet plans to introduce services such as self-driving buses for the elderly, mobile medical examination shuttles, and even mobile offices. Initially focusing on Japan, the venture has ambitions to expand globally in the future. SoftBank has already made significant investments in autonomous driving, including a substantial commitment to General Motors’ self-driving car unit GM Cruise.
On the other hand, Toyota has also dedicated resources to the development of driverless cars by establishing a new company earlier this year. The company plans to invest billions in creating a commercially viable autonomous vehicle. Both SoftBank and Toyota have partnerships with major ride-hailing companies like Uber and Didi Chuxing, showcasing the changing dynamics between automakers and tech firms.
The collaboration between SoftBank and Toyota highlights the shift in the relationship between traditional automakers and technology companies. What was once seen as a small company reaching out to a giant like Toyota, SoftBank is now at the forefront of innovation in the automotive industry. As driverless cars become more prevalent, this joint venture between two industry leaders is set to shape the future of transportation on a global scale.