Sony and Honda Invest 10 Billion Yen into New Joint Venture

Sony and Honda have announced a 10 billion yen ($74,083,950) joint venture in the creation of a new electric vehicle company known as Sony Honda Mobility Inc.

The new, Tokyo-based auto manufacturer will take advantage of Sony’s experience in imaging, computer sensing, telecommunications, and “network and entertainment” technologies. Honda, on the other hand, will be supplying its experience in vehicle manufacturing, after-sales service, and safety technologies. This company is set to be established by the end of this year and will attempt to deliver its first vehicles in 2025, Sony said in a press release.

A complete board of directors has already been established and will consist of:

Yasuhide Mizuno, Representative Director, Chairman and CEO
Izumi Kawanishi, Representative Director, President and COO
Shugo Yamaguchi, Director and Deputy President
Kojiro Okabe, Director and Executive Vice President
Manabu Ozawa, Director (Honda Motor Co., Ltd.)

Naoya Horii, Director (Sony Group Corporation)

Both CEOs of Sony and Honda seem excited about their future work with each other. Sony CEO Kenichiro Yoshida said in a comment that the goal will be to “make the mobility space an emotional one” and that the focus of the new brand will be on safety, entertainment, and adaptability.

Meanwhile, Honda CEO Toshihiro Mibe shared similar positive comments, stating that the automaker will continue its own automotive brand, however, he was excited to embrace a new challenge. Mibe said he believes that Honda and Sony complement each other well. “At the new company, we will strive to create new value through the fusion brought about by the combination of our different industries, so please look forward to future developments,” he added.

Sony first announced its interest in electric vehicles back in 2020 when they released their Vision S-01 concept car, and while many were skeptical of the future of “Sony Mobility Inc.”, the car had been made in conjunction with Magna Incorporated. Magna is a Canadian auto parts manufacturer and one of the largest in the world, with hundreds of production facilities, thousands of workers, and a history of manufacturing everything from seats to car panels for decades; Donut Media even made a great video about the possible partnership. And while it appeared that that relationship was going to continue with the showing of the Vision S-02 concept SUV shown at this year’s CES, Sony has clearly chosen to change course.

It is unclear at this point how this new relationship between Sony and Honda was chosen over one with Magna, or how new products from Sony Honda Mobility will differ from their Honda counterparts. Further questions have emerged as the first products from Sony Honda Mobility will likely come at around the same time Honda begins selling the Honda Prologue via their other partnership with GM.

What do you think of the article? Do you have any comments, questions, or concerns? Shoot me an email at william@teslarati.com. You can also reach me on Twitter @WilliamWritin. If you have news tips, email us at tips@teslarati.com!

The post Sony and Honda Invest 10 Billion Yen into New Joint Venture appeared first on TESLARATI.

Source: TESLARATI

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