Sony Group Corp (NYSE:SONY) and Honda Motor (NYSE:HMC) announced that the two companies would be entering a joint venture to develop and sell electric vehicles (EVs).
The companies said in a statement that negotiations will continue towards executing binding agreements, with the goal of establishing a new company, Sony Mobility, within the year.
Honda’s chief executive, Toshihiro Mibe said “the new company will aim to stand at the forefront of innovation, evolution, and expansion of mobility around the world, by taking a broad and ambitious approach to creating value that exceeds the expectations and imagination of customers.”
Sales are expected to commence in 2025, with Honda responsible for manufacturing the first model at its plant and Sony developing the mobility service platform.
The statement adds that the alliance will combine “Honda's 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, and telecommunication"
Sony’s chief executive Kenichiro Yoshida added that through the partnership, “we intend to build on our vision to make the mobility space an emotional one, and contribute to the evolution of mobility centered around safety, entertainment and adaptability.”