Toyota and Panasonic to merge housing units and team up on 'smart town' business

Toyota Motor Corp. and Panasonic Corp. said Thursday they will integrate their housing businesses in an expansion of an existing tie-up, as they seek to collaborate on "town development" for next-generation lifestyles where homes and vehicles are connected to the internet. The companies plan to set up a joint venture on Jan. 7, 2020. Toyota will focus on new mobility services using self-driving technology, while Panasonic brings strengths in developing smart homes equipped with appliances supported by internet and other digital technologies. The venture, Prime Life Technologies Corp., will bring housing units of both companies under its wing, including Toyota Housing Corp., Misawa Homes Co. and Panasonic Homes Co. The move by the leading carmaker and electronics manufacturer comes amid shrinking demand in the domestic housing market due to Japan's declining population.