Photo/Illutration Electric vehicles developed by Sony Group Corp. are displayed in Las Vegas in January. (Junichi Kamiyama)

Sony Group Corp. and Honda Motor Co. have officially signed a joint venture agreement to set up a new company that will start selling electric vehicles in 2025.

They aim to establish Sony Honda Mobility Inc. by the end of this year with each company owning 50 percent, the two partners announced on June 16.

The new deal, which makes good on an announcement by the two back in March, comes as the auto industry hastens its shift away from fossil fuel vehicles and toward ones with newer technology features.

Auto manufacturers have been increasingly seeking to partner up as they set out down that long road.

Honda will manufacture the electric vehicles at its plants, while Sony will provide in-car services, such as music and video accessories.

The new company will sell “high-value-added electric vehicles,” according to their news releases.

“We aim to contribute to the evolution of mobility by combining Honda’s safety technologies, mobility development capabilities and vehicle body manufacturing with Sony’s experience in developing entertainment technology,” said Kenichiro Yoshida, president of Sony Group.

“We will strive to create new value through the fusion brought about by the combination of our different industries,” said Toshihiro Mibe, president of Honda.

The president of the new company will be Izumi Kawanishi, who now serves as executive vice president at Sony Group and has overseen the development of its EV business, while the chairman will be Yasuhide Mizuno, senior managing officer at Honda.

Engineers and corporate planners from both companies will join the new company.

Honda said it will also continue to develop and sell its own EVs.

Related News