Toyota Motor Corp. and Nippon Telegraph and Telephone Corp. announced they will sign a capital tie-up in order to build an energy-efficient “smart city” using advanced information technology.
The two companies pledged to invest around ¥200 billion ($1.8 billion) in each other’s treasury stock.
“Smart cities” have seen accelerated development globally. Residents use autonomous vehicles for transportation, energy is used efficiently with devices tracking real time the consumption of electricity and gas.
Toyota announced its plans in January for building a sustainable prototype in early 2021. The Woven City will be built in a 175-acre site at the foot of Mount Fuji. Only fully autonomous, zero-emission vehicles will be allowed. The residents will have in-home robotics with sensor-based AI systems to assist them and monitor their health.
The car manufacturer has also expanded a tie-up with Panasonic Corp in a partnership for developments of a next-generation lifestyles where homes and vehicles are connected to the internet.
NTT has also offered its technologies to build smart cities in other countries. They announced in January they will test a traffic monitor system for a city in Malaysia to help smooth vehicle flows and also identify model types to detect stolen cars. The company introduced a similar system in Las Vegas from February 2019 after tests in 2018.
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