Toyota (www.toyota-global.com) is to invest $1 billion over a five-year period in research into artificial intelligence (AI), robotics and ‘big data’. The Japanese company will establish the Toyota Research Institute near Stanford University to help “narrow the gap between fundamental research and product development”.

Last year, the car maker announced an investment of $50 million over the next five years (with MIT and Stanford) to establish joint fundamental AI research centres at each of the universities. However, that announcement is not part of the latest $1 billion investment.

Toyota president Akio Toyoda said: “As technology continues to progress, so does our ability to improve our products. At Toyota, we do not pursue innovation simply because we can; we pursue it because we should. It is our responsibility to make life better for our customers — and for society as a whole.”

Meanwhile, Toyota has announced that it will manufacture a new taxi for the Japanese market by April 2018. The updated version of its JPN Taxi Concept will feature an LPG hybrid system to offer “better environmental performance optimised for taxi-driving conditions”.