Sony, Honda Motor team up to develop and sell electric vehicles

Japan’s Sony and Honda Motor said on Friday they would pair up to develop and sell battery-powered electric vehicles, and said they were open to bringing in other partners. The companies said in a statement they would form a joint venture this year and aim to begin selling the first model in 2025.

Honda will be responsible for manufacturing the first model, while Sony will develop the mobility service platform, they said.

“In the joint venture, we would like to lead the mobility evolution by combining our technology and experience with Honda’s long experience in mobility development and vehicle body manufacturing technologies,” Sony CEO Kenichiro Yoshida said. The companies did not reveal financial details of the tie-up.

During a news conference in Tokyo on Friday, Honda CEO Toshihiro Mibe said although he is not thinking about taking the joint venture public immediately, he would not dismiss that as among the options to grow the firm.

Asked whether the partnership between the two companies is exclusive, Mibe said they are open to bringing in other companies. “In the future, we would like to expand our business with an open mindset,” Mibe said, adding Honda will continue to develop its own EV strategy separate from the JV.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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