NTT, Toyota in $1.8B smart-city tie-up

NTT and auto giant Toyota have struck a deal to develop smart-city technologies and to also jointly invest in each other.

They two companies will invest a total of 200 billion yen ($1.8 billion) in each other, with Toyota to take a 2.07% stake in the telco and NTT to acquire 0.9% of the automaker.

NTT said in a statement Tuesday the two would commit to a “long-term and continuous cooperative relationship” to commercialize smart-city businesses and to develop a smart-city platform.

NTT said the partners aim to jointly solve problems and create new value by improving the efficiency and sophistication of smart-city functions.

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