After Sony and Honda announced plans to develop electric vehicles (EVs) together, the automakers have officially shared more details about the upcoming joint venture.
Honda and Sony have officially signed an agreement for a new joint venture set to start delivering electric vehicles in 2025, according to a press release on Thursday.
Sony Honda Mobility will be based out of Tokyo, and is expected to combine Honda’s manufacturing and engineering expertise with Sony’s imaging, sensing, telecommunications and entertainment skills.
In an announcement on Thursday, the companies shared plans for the “high-value-added” 50-50 joint venture, which the companies expect to deliver a “new generation of mobility and services.”
Sony Honda Mobility also plans to sell its EVs in the U.S., Japan and Europe.
Sony and its EV Plans Welcomed by Japanese Automakers https://t.co/UuwdSColRf
— TeslaNorth.com (@RealTeslaNorth) January 28, 2022
Honda CEO Toshihiro Mibe said, “At the new company, we will strive to create new value through the fusion brought about by the combination of our different industries.”
The deal is still awaiting regulatory approval, but is expected to receive it in the coming months.
Honda Senior Managing Officer Yasuhide Mizuno is expected to be the new company’s CEO, while Sony Executive Vice President Izumi Kawanishi will be the company’s President and COO.