Toyota is spending $2.8 billion on self-driving car technology

The car giant is forming a venture called Toyota Research Institute-Advanced Development with suppliers Denso Corp and Aisin Seiki to develop automated-driving software, reports Reuters. 1,000 employees will work on the venture, with 90% of it held by Toyota and 5% each held by Denso and Aisin Seiki. Toyota’s move comes after tech companies like Waymo and Tesla are increasingly seen as out-innovating traditional automakers, especially when it comes to electric and self-driving vehicles.