Toyota and Woven by Toyota to Strengthen Ties Toward Accelerating Software ImplementationToyota promotes transformation into a mobility company by making Woven by Toyota a wholly owned subsidiary

Toyota City, Japan, September 27, 2023―Toyota Motor Corporation (Toyota) and Woven by Toyota, Inc. (Woven by Toyota) announced today that, to accelerate the implementation of software in social systems and vehicles, they intend to strengthen their relationship by making Woven by Toyota a wholly owned Toyota subsidiary.

Toward realizing a mobility-based society in which everyone can move freely, happily, and comfortably, Toyota is transforming itself into a mobility company. Going forward, it intends to transition into the phase of accelerating vehicle intelligence and software implementation in building a social system platform in which mobility becomes a part of the social system.

Upon entering a period of transition from software development to software implementation, Toyota and Woven by Toyota have been restructuring the Toyota Group, including Denso Corporation (Denso), as described below:

In April of this year, Woven Planet Holdings, Inc. changed its name to Woven by Toyota, Inc. and underwent a corporate reorganization. This is a result of the coinciding of Toyota's desire to realize software implementation in vehicles at an early stage and Woven by Toyota's belief that development that is in step with customers' needs is necessary for accelerating software implementation in society. As such, Woven by Toyota was reorganized, and it was decided that software development by Woven by Toyota would take the form of being outsourced from Toyota.

In addition, a review of the software development structure in the Toyota Group was announced this month. As a result, the three companies of Toyota, Woven by Toyota, and Denso will strengthen collaborative efforts and are restructuring their organizations and human resources across all three companies to enhance the value of mobility through a software-centered approach.

Following the change to a system in which software development at Woven by Toyota is outsourced from Toyota, Toyota will hold all common shares of Woven by Toyota, making Woven by Toyota a wholly owned subsidiary. By doing so, Toyota will be able to speedily implement the software into social systems and vehicles and quickly deliver to customers the joy, comfort, and convenience of mobility through the fusion of software and hardware.