Toyota announces major autonomous vehicle investment

Toyota will invest £2.2bn in a new venture dedicated to developing automated driving software.

The Japanese manufacturer, which will hold a 90% stake in the venture with suppliers Denso and Aisin Seiki taking five per cent each, will bring together more than 1,000 employees and new starters to drive self-driving innovation.

Toyota Research Institute-Advanced Development will be led by James Kuffner.

He said:

“This company’s mission is to accelerate software development in a more effective and disruptive way, by augmenting the Toyota Group’s capability through the hiring of world-class software engineers.”

Toyota will also invest nearly £800m in artificial intelligence through its US-based Toyota Research Institute after agreeing technology partnerships with Microsoft and Uber Technologies.