TOKYO, March 4 – Japan’s Sony Corp (6758.T) and Honda Motor Co Ltd (7267.T) said on Friday they would team up to develop and sell battery-powered electric vehicles, and said that they are open to other partners.
The companies said in a statement that they would set up a joint venture this year and are looking to start selling the first model in 2025. Honda will be responsible for producing the first model, while Sony will develop the mobility services platform, they said.
“At the joint venture, we would like to lead the evolution of mobility by combining our technology and experience with Honda’s many years of experience in mobility development and vehicle bodybuilding technology,” said Sony CEO Kenichiro Yoshida.
I’m registering
The companies did not disclose financial details about the relationship.
Speaking at a news conference in Tokyo on Friday, Honda CEO Toshihiro Mibe said that while he did not plan to make the joint venture public immediately, he would not rule it out as one of the company’s growth options.
Asked if the partnership between the two companies is exclusive, Mibe said they are open to attracting other companies, while wanting to focus on developing the electric vehicle model for now.
Sony Corp’s Vision-S prototype was unveiled at its headquarters in Tokyo, Japan on March 4, 2022. REUTERS / Kim Kyung-Hoon
Read more
“In the future, we would like to expand our open-minded business,” Mibe said, adding that Honda will continue to develop its own strategy for electric vehicles, separate from the joint venture.
The announcement comes as the electronics maker seeks to continue its ambitions to become a key player in next-generation cars, while automakers such as Honda are under pressure to produce carbon-free cars as well as vehicles equipped with features beyond traditional means. transport.
The rapid shift to electric vehicles around the world, driven by the global drive to reduce carbon emissions, creates opportunities for technology companies to enter the automotive market, as these vehicles are easier to manufacture than cars with engines. internal combustion.
At the same time, these technology companies face the challenge of adhering to strict vehicle safety rules and making cars able to withstand the sometimes difficult driving conditions. Yoshida announced a plan in January to set up a new company, Sony Mobility, saying it was investigating the commercial launch of electric vehicles.
Although its once dominant position in consumer electronics has been eroded by Asian competitors such as South Korea’s Samsung Electronics Co. (005930.KS), Sony still has an arsenal of sophisticated technologies in areas such as sensors critical to autonomous driving.
Competition in the electric vehicle market is also intensifying. Asked how the joint venture would meet the challenges of competitors, Mibe said he wanted it to “create a chemical reaction” that exceeded customers’ expectations.
I’m registering
Report by Satoshi Sugiyama; Edited by David Dolan, Christopher Cushing, Edwina Gibbs, Kenneth Maxwell and Kim Coghill
Our standards: ‘ principles of trust.