Sony Group Corporation (Sony) and Honda Motor Co., Ltd. (Honda) have signed a memorandum of understanding that outlines their intent to establish a joint venture (new company) through which they plan to engage in the joint development and sales of high value-added battery electric vehicles (EVs) and commercialize them in conjunction with providing mobility services.
Sales of the first EV model from the new company are expected to start in 2025. The new company is expected to plan, design, develop and sell the EVs, but not own and operate manufacturing facilities, so Honda is expected to be responsible for manufacturing the first EV model at its vehicle manufacturing plant. It is expected that a mobility service platform will be developed by Sony and made available for the new company.
The two companies will proceed with negotiations toward executing various definitive binding agreements, including a joint development agreement and a joint venture agreement, with a goal of establishing the new company within 2022, subject to execution of the definitive agreements and relevant regulatory approvals.
The companies say this alliance aims to bring together Honda’s mobility development capabilities, vehicle body manufacturing technology and after-sales service management experience cultivated over many years, with Sony’s expertise in the development and application of imaging, sensing, telecommunication, network, and entertainment technologies, to realize a new generation of mobility and services that are closely aligned with users and the environment, and continue to evolve going forward.
