Sony, Honda Team Up To Develop, Sell Electric Vehicles

Japan's Sony Corp. and Honda Motor Co. Ltd. said on Friday they would pair up to develop and sell battery-powered electric vehicles, and said they were open to bringing in other partners, Satoshi Sugiyama reported for Reuters.

Photo Insert: Sony Group Corp. Chairman and President Kenichiro Yoshida (L) and Honda Motor Co. President Toshihiro Mibe shake hands at a press conference in Tokyo on March 4, 2022, over the two companies' agreement on a tie-up in the electric vehicle business.

The companies said in a statement they would form a joint venture this year and aim to begin selling the first model in 2025. Honda will be responsible for manufacturing the first model, while Sony will develop the mobility service platform, they said.

"In the joint venture, we would like to lead the mobility evolution by combining our technology and experience with Honda's long experience in mobility development and vehicle body manufacturing technologies," Sony CEO Kenichiro Yoshida said. The companies did not reveal the financial details of the tie-up.

During a news conference in Tokyo on Friday, Honda CEO Toshihiro Mibe said although he is not thinking about taking the joint venture public immediately, he would not dismiss that as among the options to grow the firm.

Asked whether the partnership between the two companies is exclusive, Mibe said they are open to bringing in other companies while wanting to focus on developing the electric vehicle model for now.

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