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Monday, 20 June 2022 08:37

Sony and Honda Invest $74 Billion into New Joint Venture

Written by William Johnson, Teslarati

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Sony and Honda have announced a $74 billion 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.

 

The 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 the goal will be to “make the mobility space an emotional one” and the focus of the new brand will be on safety, entertainment and adaptability.

 

Meanwhile, Honda CEO Toshihiro Mibe shared similar positive comments, stating the automaker will continue its own automotive brand, however, he was excited to embrace a new challenge. Mibe said he believes 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 it released its 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...


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