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Panasonic and Toyota to establish JV related to town development business

Panasonic and Toyota are establishing a new joint venture related to the town development business.

The companies expect a rapid change in business due to the accelerated deployment of IoT technologies in home appliances, household equipment, etc., as well as the evolution in mobility, such as CASE and “MaaS,” a new concept of providing services by connecting cars, public transportation and other means of transportation through IT.

Both companies aim to fuse the mobility services initiatives promoted by Toyota and the “lifestyle updates” initiatives spearheaded by Panasonic through collaboration based on the establishment of the joint venture, thereby creating new value for the entire town as a whole.

In the town development business, Panasonic, together with various companies, has led the development of sustainable smart towns (SST) as advanced models of town development. Meanwhile, Toyota has been proceeding with the construction of a “mobility service platform” (MSPF) while enhancing the development of “connected cars,” to realize an unrestricted, safe and comfortable mobility society for everyone, and promoting various big data initiatives to benefit both customers and society. In addition, Toyota has also been collaborating with various domestic and overseas companies to create new mobility services.

Through the establishment of the joint venture, both companies are committed to contributing to the realization of more attractive towns, making use of Panasonic’s knowledge and digital technology related to living, and Toyota’s expertise in mobility.

Source: Press Release

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