March 2, 2018 / 7:27 AM / 5 months ago

Toyota to form $2.8 bln venture with group cos for self-driving R&D

TOKYO, March 2 (Reuters) - Toyota Motor Corp and group suppliers Denso Corp and Aisin Seiki Co said on Friday they would form a joint venture for researching and developing automated-driving technology, investing more than 300 billion yen ($2.8 billion).

The Tokyo-based venture will be formed later this month and aim to employ about 1,000 workers, including new hires, the companies said in a statement.

James Kuffner, chief technology officer of U.S.-based Toyota Research Institute, will head the company, to be called Toyota Research Institute-Advanced Development and held 90 percent by Toyota. ($1 = 105.9000 yen) (Reporting by Minami Funakoshi Editing by Chang-Ran Kim)

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