Toyota and NTT sign capital tie-up over 'smart city' project

Toyota Motor Corp. and Nippon Telegraph and Telephone Corp. said Tuesday they will form a capital tie-up to build an energy-efficient "smart city" using advanced information technology. In the tie-up, the auto and telecommunications giants said they will mutually invest around ¥200 billion ($1.8 billion) by purchasing each other's treasury stocks. Development of "smart cities" has been accelerating globally. Autonomous vehicles provide transport for their residents and energy is used efficiently with internet-connected devices tracking real-time consumption of electricity and gas. Toyota said in January it plans to build from early 2021 a fully sustainable prototype city at a 175-acre site at the foot of Mount Fuji where only fully autonomous, zero-emission vehicles will be allowed to travel on main streets.