NTT's $67M Bet On US Self-Driving Tech Start-Up, Partners With Toyota: Report

NTT Corporation reportedly plans a strategic alliance with Toyota Motor Corporation TM to introduce driverless buses and taxis by as early as 2025 to boost transportation technology and provide innovative mobility solutions.

As part of this futuristic endeavor, NTT is also set to channel approximately 10 billion yen ($66.91 million) into May Mobility, a Michigan-based startup known for self-driving systems, reported Reuters. 

This investment marks a significant step towards accelerating the development and deployment of autonomous transportation.

Also See: General Motors' Robo-taxi Unit Cruise Seeks External Review As California Revokes Driverless Permit: Report

By integrating their respective strengths, the companies are looking to introduce a new fleet of self-driving vehicles.

For the quarter that ended on September 30th, Toyota reported its revenue grew 24% YoY to 11.44 trillion yen, which equates to $75.7 billion.

Also Read: Toyota Pumps $8B More In North Carolina EV Battery Plant

Price Action: TM shares are trading higher by 0.22% at $190.00 in premarket on the last check Monday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.