Toyota and Panasonic establish joint venture for connected homes
Toyota and Panasonic said they plan to establish a joint company to develop "connected" services to be used in homes and urban development.
The tie-up deepens the partnership between the companies, which in January announced a joint venture to build batteries for electric vehicles, pooling the research and development and manufacturing strengths to compete in the fast-growing EV market.
The two companies will set up a new company early next year to focus on technology that could be used to offer personalized services in the home.
The move comes at a time when lower-emissions vehicles and ride-sharing services have opened up the auto industry to new competitors, leaving traditional automakers and their suppliers scrambling to find alternate revenue streams. Toyota has been developing connected cars that can share information on usage - data that could be leveraged for on-demand ride-sharing, insurance and maintenance. The automaker has said it will tap into its partner network and its operations which range from building and selling cars, homes and companion robots to expand into new transportation and home energy services.
«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. In addition to cars, I think that having our own housing business and connected business will be a big advantage for us» President Akio Toyota told.