Toyota to form $2.8 billion venture with group companies for self-driving R&D

TOKYO (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.