Toyota’s research arm says to form an $800 million investment fund

FILE PHOTO: A man walks past a closed Toyota car dealership during the coronavirus disease (COVID-19) nationwide lockdown in Cape Town, South Africa

Toyota Motor Corp’s (7203.T) research arm said on Thursday that it would create an $800 million global investment fund.

The fund called Woven Capital is to invest in companies in areas including autonomous mobility and smart cities, Toyota Research Institute-Advanced Development said in a statement.

Earlier this year, the Japanese automaker unveiled a plan to build a prototype “city of the future” called Woven City at the base of Japan’s Mount Fuji, powered by hydrogen fuel cells and functioning as a laboratory for autonomous cars.

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