Sony, Honda's EV Joint Venture To Manufacture, Sell EV

Sony Group Corporation ("Sony") and Honda Motor Co., Ltd. ("Honda") on Thursday announced the signing of a joint venture agreement to create a new firm with the new name 'Sony Honda Mobility Inc.' that would sell high-value-added electric cars (EVs) and provide mobility services.

The parties' discussion of a strategic alliance in the mobility field was announced in a joint press release entitled "Sony and Honda Sign Memorandum of Understanding for Strategic Alliance in Mobility Field" on March 4, 2022, and Thursday's announcement is the continuation and result of that discussion.

The new company will aim to combine 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 that are closely aligned with users and the environment.

Honda executive Yasuhide Mizuno has been appointed chairman and CEO, and Sony EVP Izumi Kawanishi has been appointed president and COO.

According to Sony, the partnership will take advantage of "Honda's cutting-edge environmental and safety technologies, mobility development capabilities, vehicle body manufacturing technology, and after-sales service management experience," as well as "Honda's cutting-edge environmental and safety technologies, mobility development capabilities, vehicle body manufacturing technology, and after-sales service management experience."

Sony will offer "imaging, sensing, telecommunication, network, and entertainment technology," according to the press release.