Toyota plans to establish a foundation to support efforts to address mobility challenges around the world. Toyota aims for the foundation, of which TMC President Akio Toyoda will be appointed chairman, to be registered in Japan by the end of August.

The new foundation will utilize Toyota’s core competencies to address needs ranging from mobility disparities in emerging countries to next generation mobility in developed markets. It will globally support programs by non-profit organizations, research institutions, and other groups that contribute to the development of an enhanced mobile society, and is expected to award grants totaling between approximately ¥3.0 billion to ¥4.5 billion (US$29 million to $39 million) per year. The grant selection process is to be established at a later date.

TMC will provide the foundation with a portion of its treasury shares, subject to approval at the general shareholders meeting scheduled for June of this year, with the foundation using the dividends for its operating capital.

The new foundation will be the second established by TMC, with the first being the Toyota Foundation established in 1974 to provide grants that address issues according to specific needs of the times, including natural environments, social welfare, and education and culture.