AutoBeta(AutoBeta.net)03/28 Report--

Honda and Japanese truck maker Hino announced on Thursday that they will join Monet Technologies, a joint venture between Softbank Corp. Group and Toyota Motor Group, with the aim of developing a new generation of self-driving cars involved in medical, transportation and self-driving fields, according to media reports.

Honda and Hino will each invest about 250 million yen ($2.27 million) in the joint venture Monet Technologies and hold a 10 per cent stake in the joint venture, according to an announced agreement. After joining the company, Honda Yono will jointly develop self-driving car services with Toyota and Softbank Corp.

According to the plan, the first phase of Monet Technologies operation will officially begin in 2020, and taxi-hailing service will be launched in Japan. When the regulatory hurdles are removed, the company will enter the second phase of operation, focusing on the deployment of Toyota's e-Palette, which is responsible for food delivery, health care and delivery for residents in remote areas.

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