The joint self-driving venture between SoftBank Corp and Toyota is said to be receiving investment from a further five Japanese automakers.
Mazda Motor Corp, Suzuki Motor Corp, Subaru Corp, Isuzu Motors and Toyota unit Daihatsu are said to each be taking a stake of a few percent in the venture.
Reuters reports that Monet hopes to help Japan’s auto industry by developing an on-demand self-driving service platform.
According to Reuters Monet, announced in October, added investment from Honda Motor Co and Toyota’s truck making subsidiary Hino Motors in March, leaving SoftBank Corp the largest shareholder with a 40.2% share and Toyota owning 39.8%.
When Honda and Hino joined in March, the total investment in Monet was 2.5 billion yen ($23.20 million). Reuters says that it was not immediately clear how much the five new partners are investing in the venture.