Sony Corp (6758) and Honda Motor Co Ltd. (7267) announced last week they had formed a partnership with the aim to develop and sell battery-powered electric vehicles.
In a statement, the two Japanese companies said they would establish a joint venture later in 2022 with the intention to start selling the first EV model in 2025.
Honda will be responsible for manufacturing the first model, while Sony will be responsible for development of the mobility service platform.
“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’s Chief Executive Officer Kenichiro Yoshida was quoted as saying by Reuters.
Honda’s Chief Executive Toshihiro Mibe said at a news conference in Tokyo last Friday that although he was not thinking about taking the joint venture public immediately, he would consider it as one of the options to expand the company.
When asked if the tie-up between the two companies is exclusive, Honda’s CEO said they were open to bringing in other partners.
According to Mibe, Honda will continue development of its own electric vehicle strategy apart from the joint venture with Sony.