Toyota Motor Corp and Nippon Telegraph and Telephone Corp have agreed to work together on developing smart cities and will invest 200 billion yen ($1.8 billion) in each other to cement the relationship, the two companies said on Tuesday.
The two companies will develop a data platform which will compile and analyze information from homes, vehicles, and public institutions, which will be used to create new services focusing on transportation, health, and energy usage.
Under the agreement, Toyota will take a 2.07% stake in Japan’s biggest telecoms company, while NTT will take a 0.9% stake in the automaker.
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