Japanese automotive giant Toyota plans to open Woven City, a futuristic city located at the foot of Mount Fuji, this year, Cointelegraph reported.
Toyota plans to move the first 100 residents, mainly employees and their families, into the experimental city by fall 2025, and gradually expand to about 2,000 people.
Toyota Chairman Akio Toyoda said at CES that Woven City will serve as an accelerator for testing and developing new technologies.
Toyoda said Woven City won't open to the public for at least two years and may never be profitable.
Woven CEO Kumebe Kazuo said he hopes the project will be profitable, but its innovations may be difficult to quantify.
Woven CFO Kenta Kondo said the construction investment was huge and the first phase was completed in October 2024.
A key part of Woven is the new software platform, Arene, which is scheduled to be deployed this year and become the core of the next generation of electric vehicles in 2026.