Sony and Honda Join Forces to Launch New EV Company, Targets Sales by 2025
Sony and Honda announced the creation of Sony Honda Mobility Inc., a new electric vehicle joint venture, with the goal to begin selling high value-EVs and services for mobility in 2025.
The new joint venture agreement follows an initial announcement by the companies in March that they had begun to explore the formation of an alliance for the joint development and sales of high-value battery electric values and to provide mobility services.
The venture brings together each company’s expertise and technology capabilities, including “environmental and safety technologies, mobility development capabilities, vehicle body manufacturing technology and after-sales service management experience” from Honda, along with Sony’s “imaging, sensing, telecommunication, network and entertainment technologies.”
Kenichiro Yoshida, Chairman, President and CEO, Sony Group Corporation, said:
“”Based on our vision to `make the mobility space an emotional one,’ Sony’s initiatives in the mobility business are centered around the three areas of safety, entertainment and adaptability. As we continue our learnings in these areas, we are excited to have met a partner, Honda, with extensive global achievements and knowledge, and to sign the joint venture agreement between the two companies.”
The deal follows the launch by Honda last year, during incoming CEO Toshihiro Mibe’s inaugural press conference, of a series of environmental and safety goals, including targets to achieve carbon neutrality across products and operations, and zero auto and motorcycle collision fatalities by 2050, and plans to make battery-electric and fuel cell electric vehicles represent 100% of its vehicle sales by 2040.
“”Honda continues to take on new challenges in the environmental, safety, and other advanced fields in order to be a driving force for social change through mobility, and `become the power that supports people around the world who are trying to do things based on their own initiative.’ We are very pleased to have signed a joint venture agreement with Sony, which has strengths in advanced digital technology, and shares our desire to take on new challenges.”
The new company will be led by senior Honda executive Yasuhide Mizuno, who will take on the role of Chairman and CEO, along with Sony EVP Izumi Kawanishi as President and COO. Mizuno said:
“We are very pleased to sign this joint venture agreement, which represents the start line from which we embark on the major challenge of revolutionizing mobility and creating new value. We plan to fully leverage the technological assets the two companies possess in different fields, such as Sony’s sensing technology and Honda’s original mobility development capabilities, to realize mobility and services that inspire and excite our customers. By bringing together the expertise of both companies, we aim to lead the way in a new era.”