25 September 2018
Japan’s Toyota Motor Corp and Panasonic Corp have announced that they plan to establish a joint company which will develop “connected” services that can e used in homes and urban development.
In January the companies had announced a joint venture to build electric-vehicle (EV) batteries and had stated that they will pool in the R&D and manufacturing strengths of one of the world’s largest automakers and battery makers to compete in the fast-growing Electronic Vehicle market.
Toyota and Panasonic stated that they will set up a new company early next year to focus on technology which can be used to offer personalized services in the home. The companies will have a 50-50 partnership in the new firm.
Toyota has been developing connected cars for a while now. With the advent of 5G, the market is expected to grow even further. Panasonic has been developing homes equipped with smart appliances which can be controlled remotely like air conditioners, lighting, and refrigerators. The tie-up will help the companies to work in a wide range of operations ranging from building and selling cars, homes, homer energy services, and more.
“We will put our respective strengths together to offer new value in everyday life,” Panasonic President Kazuhiro Tsuga stated.
“If we are able to use this network going forward not only to manufacture and sell vehicles but to also provide new services, our future possibilities will greatly expand,” President Akio Toyota stated. “In addition to cars, I think that having our own housing business and connected business will be a big advantage for us.”