![Meet the “crazy” tech tycoon Masayoshi Son](https://i2.cdn.turner.com/money/dam/assets/170510133253-masayoshi-son-softbank-1024x576.jpg)
SoftBank and Toyota hope to transform the world of transportation with self-driving cars and other technologies.
High-profile Japanese companies are forming a joint venture called Monet to develop a business that uses driverless car technology to offer new services, such as mobile convenience stores and delivery vans that prepare food on the go.
SoftBank (SFFTBF) will own more than half of Monet’s shares, while toyota (TM value) The rest will be retained.
The name of the new company is not a reference to the famous French painter Claude Monet, but is an abbreviation of the word “mobile network”.
Toyota President Akio Toyoda and SoftBank Chief Executive Masayoshi Son attended a launch event for the project in Tokyo on Thursday, a rare joint appearance by the heads of Japan’s two largest multinational companies.
![01 Toyota Softbank 1004 Limited](https://i2.cdn.turner.com/money/dam/assets/181004090933-01-toyota-softbank-1004-restricted-780x439.jpg)
Toyota first approached SoftBank with the idea of a Japanese alliance to try to catch up with global rivals developing self-driving technology.
Across the world, top automakers and tech companies like Google’s parent company, letter (Google)and Chinese Baidu (Baidu) Resources are being poured into self-driving cars.
Self-driving cars have the potential to wreak havoc on the auto industry, and they may Transform the ride-hailing business.
SoftBank billionaire founder Masayoshi Son presides over a vast empire of artificial intelligence companies, internet businesses and ride-hailing startups that can collect vast amounts of data on traffic patterns, passenger demand and other transportation trends.
The new joint venture leverages SoftBank’s technology and data strengths and Toyota Motor’s automaking expertise.it is Goals include finding ways to address problems caused by Japan’s rapidly aging society and shrinking workforce.
Over the next decade, Monet plans to launch services such as self-driving buses that can take seniors to the grocery store, hospital shuttles that can conduct medical exams on board, and mobile offices. The company will initially focus on Japan with an eye on expanding globally.
SoftBank has invested in autonomous driving. Earlier this year, its $100 billion technology-focused Vision Fund committed $2.3 billion to GM Cruise, the self-driving vehicle unit of General Motors.
On Wednesday, another top Japanese company, Honda (Hamaka)said it would also invest $2.8 billion in GM Cruise.
Toyota has begun investing resources in self-driving cars.
The company established a new company in March to focus on the research and development of autonomous vehicles and plans to invest US$2.8 billion to develop commercially viable autonomous vehicles.
Both SoftBank and Toyota have invested in or partnered with some of the world’s largest ride-hailing startups, including Uber, China’s Didi Chuxing and Singapore’s Grab.
SoftBank’s new joint venture with Toyota illustrates the changing relationship between automakers and technology companies.
Twenty years ago, Son approached Toyota with the idea of connecting the company’s Japanese dealers over the Internet. But Toyoda rejected him.
Son Masayoshi said that SoftBank was still a small company at the time and was extending a helping hand to Toyota, a “monolith”. Today, it’s the automakers asking him for help.
——CNN’s Yoko Wakatsuki contributed to this report.
CNN Business Channel (Hong Kong) First published October 4, 2018: 1:32am ET