Toyota, Subaru, And Mazda Join Forces By Investing In Self Driving Service Venture

Five Japanese automakers including Subaru Corp., Suzuki Motor Corp. and Mazda Motor Corp. are each investing 2 percent in the on-demand, self-driving vehicle service set up by SoftBank Corp. and Toyota Motor Corp.

Mazda, Suzuki, and Subaru, Isuzu Motors and Toyota's compact car unit Daihatsu will each invest 57.1 million yen ($530,620) in the venture -- dubbed Monet -- in return for a 2 percent stake, the companies said in a statement Friday.

SoftBank and Toyota will each retain their 35 percent stakes in the company, which is now capitalized at $26.6 million. The latest investors join Honda Motor Co. and Hino Motors, Toyota's truck-making operations.