Toyota Enters Space Race with Rocket Investment

Toyota Motor is exploring the development and production of orbital rockets, Chairman Akio Toyoda said Monday.

"We are exploring rockets too, because the future of mobility shouldn't be limited to just earth or just one car company, for that matter," Toyoda said during a press conference for CES.The automaker, through its"Woven by Toyota" mobility company, is investing 7 billion Japanese yen into Interstellar Technologies Inc., a Japanese private spaceflight company developing launch vehicles for satellites.

In the Japanese launch market, Toyota is taking on Mitsubishi, whose subsidiary Mitsubishi Heavy Industries has developed and launched the H3 series of rockets for JAXA, the country's space agency. Mitsubishi's H3 rocket, which debuted several years behind schedule, was intended to be priced competitively with SpaceX's Falcon 9 rockets, which dominate the current global launch market.

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