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Toyota Invests in Joint Space Venture

| Deeper Japan , Tokyo
Toyota Invests in Joint Space Venture

Toyota Motor and three major Japanese banks have invested in a newly established fund for space development. MUFG Bank, Sumitomo Mitsui Banking and Mizuho Bank have joined the carmaker in putting 8 billion yen (74.7 million dollars) into the fund starting this month.

The fund is aimed at helping startups develop rockets and artificial satellites. Toyota is keen on space development as it also takes part in a project aspiring to build a base on the moon with the Japan Aerospace Exploration Agency and NASA. The automaker hopes that working in the space industry will help advance its research and development in autonomous driving, which requires advanced satellite technology. The space development fund aims to collect a total of about 15 billion yen (140 million dollars).