Big Asian Electric Vehicle Alliance
|Source: Toyota Electric Car|
First Market Japan
The Toyota SoftBank electric vehicle alliance now includes Mazda, Suburu, Suzuki, Isuzu and Toyota's compact car unit Daihatsu. Each will invest $530,620 in the venture called Monet in return for a 2% stake in the EV company. They join Honda and Hino Trucks, each of which have a 10% stake in the new entity. Toyota and SoftBank own 35% each in a venture now capitalized at $26.6 million.
Big Plans for Monet
The group plans to rollout on demand bus and car services next year. Monet is building up members for its on demand services and expects to have a service platform for electric vehicles by 2023. This alliance is a primary example of automakers joining forces to offer vehicle services rather than selling cars and to share the massive investment to develop new electric vehicles.