Japan’s No. 1 automaker Toyota Motor Corp. and technology giant SoftBank Group Corp. say they are setting up a joint venture to create mobility services.

The companies said the venture, Monet Technologies Corp., will be running by the end of March. It will work on on-demand vehicle services, food deliveries and hospital shuttles with onboard medical exams.

The partnership was announced Thursday at a Tokyo hotel.

Automakers around the world are racing to develop the next-generation of transportation, such as self-driving cars, and tie-ups are growing.

Earlier this week, Toyota’s Japanese rival Honda Motor Co. said it was investing $2.75 billion in GM Cruise, an autonomous-vehicle unit run by General Motors Co. of the U.S.

Source: The Associated Press

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