Why automakers including Honda and Toyota are pouring millions into rockets and satellites

In January, Toyota said its mobility software subsidiary "Woven by Toyota" was investing $44 million into Japanese rocket maker Interstellar Technologies. Rival Honda has been developing a proprietary reusable rocket since 2019 to launch low-earth orbit satellites to space. Chinese automaker Geely Holding Group, a Tesla competitor, has invested $326 million to manufacture its own satellites. "What are those satellites going to be used for and what are they already being used for?" said Micah Walter-Range, president of consulting firm Caelus Partners. "Some of it is for improving navigation services for cars. Some of it's for mapping. If you think about what's going to be needed a little further down the road for autonomous vehicles, having full awareness of what's going on on the road is incredibly valuable." Cars today use satellite connectivity for tracking and location, software updates and entertainment like satellite radio. But as cars become more and more connected, automakers ... Read full article.