Home » Economy » Sony, Honda team up to develop and sell electric vehicles
Sony, Honda team up to develop and sell electric vehicles
FOX Business Flash top headlines for March 3
Here are your FOX Business Flash top headlines.
TOKYO, March 4 – Japan's Sony Corp and Honda Motor Co Ltd said on Friday they would pair up to develop and sell battery-powered electric vehicles, and said they were open to bringing in other partners.
The companies said in a statement they would form a joint venture this year and aim to begin selling the first model in 2025. Honda will be responsible for manufacturing the first model, while Sony will develop the mobility service platform, they said.
CAR COMPANIES PLAN FOR ELECTRIC VEHICLES BY 2040, BUT INFRASTRUCTURE DEMANDS POSE MAJOR STUMBLING BLOCK
"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 CEO Kenichiro Yoshida said.
The companies did not reveal financial details of the tie-up.
USED CAR PRICES SURGING IN 2022: MARKET ‘ABSOLUTELY NOTHING’ LIKE WE’VE SEEN BEFORE, EXPERT SAYS
During a news conference in Tokyo on Friday, Honda CEO Toshihiro Mibe said, although he is not thinking about taking the joint venture public immediately, he would not dismiss that as among the options to grow the firm.