Sony and Honda have announced a joint venture agreement to establish Sony Honda Mobility. to sell electric vehicles by 2025 and provide mobility services. This is the culmination of a memorandum of understanding signed in March between the two companies. Each company will invest $37.52 million in the JV.
According to a joint press release, Sony Honda Mobility 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 create a new generation of mobility and services for mobility that is aligned with the environment, and continue to evolve with time.
It is expected that the joint venture will be established by 2022, with the first electric vehicles going on sale by 2025. However, Sony and Honda said that regulatory approvals must be obtained before the business can start. While both companies hold 50 per cent of the joint venture, their roles are quite different.
“We are excited to have met a partner, Honda, with extensive global achievements and knowledge, and to sign the joint venture agreement between the two companies,” said Kenichiro Yoshida, Representative Corporate Executive Officer, Chairman, President and CEO, Sony Group Corporation. He further added, “We aim to contribute to the evolution of mobility by combining Honda’s cutting-edge environmental and safety technologies, mobility development capabilities, vehicle body manufacturing technology and after-sales service management.”
Honda currently only offers one EV, the Honda e, but the automobile giant has stated that it will introduce 30 EV models and manufacture around 2 million EVs annually by 2030.