Toyota and Panasonic, two Japanese giants, will create a joint venture, named Prime Life Technologies Corporation, that will merge each companies' housing businesses in order to begin developing "connected" services related to urban development and housing. The company will be a 50-50 partnership between the two and will try to create value in cities and homes by harnessing the opportunities brought about by developments in connected vehicles, home applicants and other devices (also known as IoT - Internet of Things).
Statements from both companies demonstrate their willingness to combine their respective competencies to create a new value proposition. Toyota is massive player in the mobility and connected vehicles field, while Panasonic's strengths lie in its connected home appliances and IoT business.
The partnership is the latest venture between the two Japanese companies. Earlier this year, Toyota and Panasonic announced a joint venture that will pull manufacturing and R&D strengths of both companies to build EV (electric vehicle) batteries.
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