Thinking of Panasonic and Toyota doesn't immediately conjure images of housing. The two companies are straying from core business to focus on housing, which more and more has adjacency to transportation and energy storage. Here, ZDNet shares new information about the intent of the collaboration.
Panasonic and Toyota have partnered up to create a joint venture that focuses on bolstering their town development businesses in Japan.
According to a joint statement from the companies, the principal lines of business for the venture will be town development, contracting new housing construction, home remodelling, and other housing-related operations.
Each company will have a 50% stake in the joint venture.
As part of the collaboration, Panasonic's subsidiaries, which includes Panasonic Homes, Panasonic Construction Engineering, and Matsumura-gumi will also be transferred to the joint venture. Toyota's ownership of its housing arm will also be transferred to the joint venture.
The joint venture was formed as both companies believe that further advancements in mobility, such as in automated driving and development of communication technology and other fields, has created an opportunity to take advantage of customers' increased valuing of "the degree of satisfaction with the service infrastructure for daily life" of a town.