Sony, Honda to Jointly Develop Electric Vehicles

Tokyo, March 4 (Jiji Press)--Sony Group Corp. <6758> and Honda Motor Co. <7267> said Friday that they have agreed to jointly develop and sell electric vehicles. The two Japanese companies plan to establish an EV joint venture later this year, aiming to put the first model on sale in 2025. Honda will be in charge of manufacturing, while Sony Group will provide service infrastructure, including an in-vehicle entertainment environment that would enable a comfortable ride. The EV development is part of a broader agreement between Sony Group and Honda to form "a strategic alliance that aims to create a new era of mobility and mobility services." "We will work to lead the evolution of mobility," Sony Group Chairman and CEO Kenichiro Yoshida told a press conference in Tokyo. "There is a huge opportunity for us to offer new values," Honda President and CEO Toshihiro Mibe said. The tie-up between a company outside of the auto industry and a major automaker is expected to have an impact on rivals both in Japan and abroad, as the industry has entered a phase of major change involving electrification and the introduction of self-driving technology. The joint venture will also provide customers with new mobility services. A new platform will be developed by Sony Mobility Inc., a new company that will be set up this spring by Sony Group. In April last year, Honda laid out a goal of making all vehicles sold in Japan electric or gas-electric hybrid by 2030. Mibe said that the company will promote its electrification drive separately from the alliance with Sony Group. At a press conference held ahead of the CES trade show in Las Vegas in January, Sony Group said that it was considering a full-scale entry into the EV business. END