The Honda Motor Co. Ltd. and Sony Corp. have signed a memorandum of understanding that sees them enter a joint venture to develop and sell battery-powered electric vehicles.
A press release from earlier today reveals that the two Japanese giants will form a joint venture this year, with the first product set to go on sale in 2025.
The statement also mentions that Honda will oversee the manufacturing of the first model, while Sony will develop a mobility service platform.
Toshihiro Mibe, President and CEO of Honda Motor Co. Ltd., commented on the occasion, saying, “Although Sony and Honda are companies that share many historical and cultural similarities, our areas of technological expertise are very different. Therefore, I believe this alliance which brings together the strengths of our two companies offers great possibilities for the future of mobility.”
The announcement was made at a news conference in Tokyo. The Honda CEO also mentioned that while he is not thinking about making the joint venture public immediately, he would not dismiss that as an option to grow the new company.
Mibe also said that the two companies are open to bringing in other companies that share a similar focus.
Honda has increased its focus on EVs significantly over the recent past. In October 2021, the manufacturer announced a new electrification strategy that would stem from its home market of Japan.
Earlier last year, it also clarified that it was looking for partners to help build electric vehicles.
Honda has been relatively late to the EV party, and the partnership with Sony is bound to strengthen its efforts in the space, although both companies have yet to demonstrate mastery of mass market battery electric vehicles. Let’s wait and see what will come to fruition from this partnership.
Honda’s first EV will be the Prologue and it’s expected to debut in 2024.
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