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Toyota Motors Corporation and Panasonic Corporation are setting up a new joint venture aimed at combining mobility initiatives and lifestyle services in urban areas.

The new company will be called Prime Life Technologies Corporation and it will be headquartered in Tokyo.

Both companies say they are committed to contributing to the realization of more attractive towns, making use of Panasonic’s digital technology related to living, and Toyota’s expertise in mobility.

Kazuhiro Tsuga, President of Panasonic, says: “Toyota has been leading the mobility field, and Panasonic has long been serving lifestyle needs of people. We will put our respective strengths together to offer new value in everyday life. Through this collaboration, Panasonic will further challenge itself to continue advancement in the town development business, aiming to deliver the ‘ideal lifestyle’ for each customer.”

Akio Toyoda, President of Toyota, says: “I want to take on the challenge of providing a new kind of lifestyle, based on the spirit of always wanting to be better and better, while bringing together the strengths of Toyota, with its vehicle business and connected business, and Panasonic, with its home appliance business, battery business, and IoT business, and enhancing our competitiveness, with the housing business of both companies as the core.”

Earlier this year the two companies announced a JV to build electric-vehicle batteries  to compete in the fast-growing EV market.

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