Toyota is the king of Japan’s auto industry. Known for big–selling cars like the Camry and Prius, the company is also preparing for the future by heavily investing in emerging technologies. The auto giant recently plunked $1 billion into fast-growing Asia-based ride-hailing company Grab while also spending $2.8 billion alongside several auto parts suppliers to found a new company that is focused on self-driving cars. Like other automakers, Toyota hopes its new products will eventually offset declining car sales in large markets like North America.
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Of a total of about 2.43 million vehicles affected, 94% are the Prius and its derivatives.
The collaboration closely follows on the heals of Honda and GM's big autonomous deal.
They'll invest $2.8 billion over next 12 years.