Toyota builds futuristic city with plans for 2,000 residents

It will initially start with 100 residents but gradually expand to 2,000 people as part of the initial phases.

According to reports, Toyota Motor Corporation has built a futuristic city at the base of Mount Fuji, Japan, called "Woven City". The company now plans to move its first 100 residents as early as this fall.

Reports suggest that Woven City will mainly house Toyota's own employees and their families. It will initially start with 100 residents but gradually expand to 2,000 people as part of the initial phases. Akio Toyoda, Chairman of Toyota, stated, "This year, residents will begin to move in as we slowly bring Woven City to life. We aim to accelerate the pace at which new technologies can be tested and developed at Woven City."

Toyota first showcased the plans for the Woven City five years ago. The then Toyota President had mentioned that it would be a fully sustainable city, a real-world showcase for artificial intelligence, advanced robotics, self-driving cars and smart homes.

Toyoda, recently also stated that the new futuristic city won't be open to the wider public for at least two years and also that it may never be profitable. He stated, "Will this Woven City make Toyota any money? Well, maybe not. As global citizens, I believe Toyota has a responsibility to invest in our collective future."

Hajime Kumabe, Chief Executive Officer of Woven, mentioned that he wants the project to be profitable, however, it could be hard to quantify as its innovations would blend into Toyota's carmaking.

None of the top officials mentioned how much Toyota has actually spent on building the city, apart from a vague "big investment". Although, Kenta Kon, Woven's CFO, mentioned that Toyoda has invested his own money into the subsidiary.

Source: Bloomberg