Connected Homes Are Coming…
And faster than you might think. Toyota and Panasonic are banding together for their second joint venture this year to develop a company focused on ‘connected’ home services. Now this should be cool.
After their first agreement to combine resources to develop better batteries for electric vehicles, the two Japanese companies have set their sights on creating the homes of the future. But why the sudden change?
The spike in demand for low emission vehicles and ride-sharing services has brought new competition flooding into the auto market, leaving traditional automakers struggling to find new revenue streams. Both Toyota and Panasonic have struggled to gain traction with investors since the start of 2019, rising a meagre 3.14% and 2.4% respectively. This new company is their attempt to solve that problem.
The plan is to leverage off the best of both companies’ attributes and networks to expand their reach into new markets with a higher chance of success. Toyota has been developing connected cars capable of sharing usage data for insurance, ride-sharing and maintenance…so why not bring that into the home?
The company is set to launch early next year, and has the likes of Tesla getting slightly concerned about the sizable reach that the two mega-companies are capable of. Who’s ready for the ‘connected’ home era?
Avengers Crushes Box-Office Records