October 22, 2020

Toyota and NTT form an alliance to develop digital cities of the future



The Toyota group and the Japanese telecommunications firm NTT announced on Tuesday an alliance for the development of “smart cities” with an investment of about $ 1.8 billion from each side.

Already last January Toyota announced in Las Vegas (USA) that it would build a fully digital “city of the future”, which it called “Woven City” (city interwoven), endowed with the greatest technological advances and originally intended for 2,000 automotive group employees.

This technology center, which would begin construction in 2021, will be a testing ground for new technologies such as fully autonomous electric vehicles, robots, home automation and artificial intelligence.

For its part, NTT is also developing technology projects in different urban centers, according to a statement released by Toyota and NTT to account for this memorandum of understanding.

“Toyota and NTT concluded that for both companies it is not only necessary to focus on these own projects, but also that both companies must work closely together to build and operate a Smart Cities Platform,” says the note.

NTT is Japan’s largest telecommunications firm, and its subsidiaries include Docomo, Japan’s first mobile phone company.

As announced in the joint statement, through this alliance Toyota will buy 2.07% of NTT’s capital, and the latter will acquire 0.90% of the shares of the automotive group.

For this alliance of strategic lines and businesses, each company will make a disbursement of about 200,000 million yen (1,670 million euros / 1,809 million dollars).

The memorandum of understanding between the two companies announced today indicates that the purchase of the shares will be made on April 9 of this year.

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