Toyota Motor Corporation, a name that has long been synonymous with cars, has announced new plans that could soon also make the company a recognized name in the growing commercial space industry.
On Tuesday, Toyota announced that its “Woven by Toyota” company that will invest in Interstellar Technologies (IST), a Japanese startup focusing together on the mass production of rockets and expanding its portfolio outside of cars, but now it’s the next frontier of space.
“When it comes to what’s possible when you work together, the sky’s the limit,” said Toyota Chairman Akio Toyoda.
Woven by Toyota is aiming to invest around 7 billion yen ($44.4 million) in the startup for the first round of series F funding. The announcement followed Toyota Chairman Akio Toyoda’s speech at the CES trade show in Las Vegas on Monday, where he provided updates on the company’s experimental Woven City project, first unveiled in 2020. Toyota aims to boost Interstellar’s rocket production, with a focus on meeting the growing demand for satellite launches.
“And speaking of the sky, we’re exploring rockets, too. Because the future of mobility shouldn’t be limited to just Earth or just one car company,” said Toyoda at the CES trade show in Las Vegas.
The Japanese government is making investments toward similar strategies, which include preparing to launch 30 rockets annually by the early 2030s and establish Japan as Asia’s space hub, with an 8 trillion yen space industry. Tokyo is currently providing subsidies to startups like IST and Space One to support this goal.
With the private space exploration well underway with the advancements of companies like Space X, Blue Origin, and others, Toyota feels it can compete and take a larger section of the commercial space venture into its own hands with the help of IST. In addition to rockets, Toyota is teaming up with Japan’s space agency to create a lunar rover that will enable astronauts to explore the moon’s surface as part of NASA’s Artemis program.
In addition to the company’s plans to build rockets for use in the commercial space industry, Toyota has also revealed that it plans to compete in the telecommunications market by launching its own satellites.
“When you think about cars that will be constantly moving, you need to have appropriate telecommunications,” said Hajime Kumabe, the CEO of Woven by Toyota. “This means that the communication should not be interrupted, disrupted, and that seamless communication that is achieved.”
Currently, Toyota has only offered a rendering of its rocket design at the CES trade show. Everything else is in the planning and strategy stage, and no clear timeline for execution has been provided at this time.
Chrissy Newton is a PR professional and founder of VOCAB Communications. She hosts the Rebelliously Curious podcast, which can be found on The Debrief’s YouTube Channel. Follow her on X: @ChrissyNewton and at chrissynewton.com.