Toyota said a new venture would be investing more than $2.8 billion to develop automated-driving software
Toyota 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 percent held by Toyota with group suppliers Denso and Aisin Seiki each taking 5 percent.
“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’s Waymo and Tesla give traditional automakers a run for their money in building self-driving and electric cars.
