TOKYO -- Japanese automakers Honda Motor and Hino Motors have signed on to a joint venture between SoftBank Corp. and Toyota Motor, the companies announced in a statement on Thursday.

Honda and Hino will invest 249.95 million yen ($2.26 million) each into the joint venture, Monet Technologies, by the end of May, taking stakes of 9.998%. SoftBank will remain the majority stakeholder in Monet, with a 40.2% share, while Toyota will own 39.8% when the transaction is complete.

Honda CEO Takahiro Hachigo said he hoped the partnership would lead to "more efficient ... acquisition of users and social acceptance of mobility services, various experimental projects, and public relations activities for necessary regulatory changes."

SoftBank and Toyota last October announced plans to launch the joint venture, aiming to enhance mobility services through the use of data and artificial intelligence. It is working with local governments and property developers to create services such as on-demand buses.

Honda and SoftBank Group are also investors in GM Cruise, a subsidiary of U.S. carmaker General Motors that is developing self-driving technology.

SoftBank has a number of investments in mobility-related companies, including ride-hailing service Uber Technologies and driverless delivery startup Nuro. SoftBank Group CEO Masayoshi Son said in a conference with Toyota last October that he hoped for "deeper and wider partnerships," and that the establishment of Monet was "just the first step of our partnership."