Sony and Honda Sign Joint Venture Agreement to Establish New Company, "Sony Honda Mobility Inc."
Sony Group Corporation ("Sony") and Honda Motor Co., Ltd. ("Honda") have announced the signing of a joint venture agreement to establish a new company to engage in the sale of high-value-added electric vehicles (EVs) and provide services for mobility. The announcement is the furtherance and result of discussing a strategic alliance in the mobility field between the parties, as announced in the joint press release entitled "Sony and Honda Sign Memorandum of Understanding for Strategic Alliance in Mobility Field" on March 4, 2022.
The new company aims to bring Honda's environmental and safety technologies, mobility development capabilities, vehicle body manufacturing technology and after-sales service management experience, with Sony's expertise in the development and application of imaging, sensing, telecommunication, network and entertainment technologies.
Sony and Honda plan to establish the new company within 2022 and begin selling EVs and providing mobility services in 2025. However, the establishment of the new company and the start of business are subject to relevant regulatory approvals.
"Based on our vision to 'make the mobility space an emotional one,' Sony's initiatives in the mobility business are centred around the three areas of safety, entertainment and adaptability. As we continue learning 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. Going forward, we aim to contribute to the evolution of mobility by combining Honda's cutting-edge environmental and safety technologies, mobility development capabilities, vehicle body manufacturing technology and after-sales service management experience, with our expertise in imaging, sensing, telecommunication, network and entertainment technologies."
Says Kenichiro Yoshida, Representative Corporate Executive Officer, Chairman, President and CEO, Sony Group Corporation
"Honda continues to take on new challenges in the environmental, safety, and other advanced fields 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 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. Since its announcement in March, many people have expressed their expectations for this joint venture. 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." Said Toshihiro Mibe, Director, President, Representative Executive Officer and CEO, Honda Motor Co., Ltd.