Sony and Honda have signed a joint venture pact to manufacture electric cars by 2025. The resultant company will be called “Sony Honda Mobility Inc.”
The statement released by the company said they would have focus on ‘mobility services’ as well. Notably, Sony in January announced the formation of “Sony Mobility, Inc.”
“Based on our vision to make the mobility space an emotional one, Sony’s initiatives in the mobility business are centered around the three areas of safety, entertainment, and adaptability,” said Kenichiro Yoshida, Representative Corporate Executive Officer, Chairman, President, and CEO, Sony Group Corporation.
“As we continue to learn in these areas, we are delighted to have found a partner, Honda, with substantial worldwide achievements and experience, and to sign the joint venture agreement between the two firms,” Yoshida stated.
Sony and Honda will form their new firm this year and begin selling EVs and providing mobility services in 2025.
The venture perfectly matches Honda’s car-making expertise with Sony’s software and technology expertise.
Honda’s press release states:
The new company will aim to bring together Honda’s cutting-edge environmental and safety technologies, mobility development capabilities, vehicle body manufacturing technology, and after-sales service management experience, with Sony’s expertise in the development and application of imaging, sensing, telecommunication, network, and entertainment technologies, to realize a new generation of mobility and services for mobility that is closely aligned with users and the environment, and continue to evolve going forward.
Honda, which sells only a single model of EV for now, has pledged to roll out 30 EV models and 2 million EVs annually by the next seven years.
Senior Honda executive Yasuhide Mizuno will become Sony Honda Mobility Inc’s chairman and CEO, whereas Izumi Kawanishi, an executive vice president at Sony, will take reign as president and chief operating officer.
Sony and Honda will infuse 5 billion yen ($37.52 million) each in the venture.
Earlier this year, Honda had shown interest in manufacturing EVs in partnership with General Motors and began building two electric SUVs for Honda rolling out in 2024.