JavaScript is off. Please enable to view full site.

Sony, Honda sign JV to sell electric cars by 2025

Sony, Honda sign JV to sell electric cars by 2025

Friday, June 17, 2022, 11:15 GMT+7
Sony, Honda sign JV to sell electric cars by 2025
Sony Corp's and Honda Motor's logos are pictured at their joint news conference venue in Tokyo, Japan, March 4, 2022. Photo: Reuters

Japan's Sony and Honda Motor on Thursday officially agreed to an equally owned joint venture that will start selling electric cars in 2025.

Honda, like bigger rival Toyota Motor, has been slower to shift to electric vehicles (EV) than global automakers and is under pressure from investors to make cars that are carbon-free and equipped with newer technology such as self-driving features.

The car maker, which only offers one EV, Honda e, has said it plans to roll out 30 EV models and make some 2 million EVs annually by 2030.

To the JV, first announced in March and named Sony Honda Mobility, Honda will bring its expertise in building and selling cars and Sony will add its software and technology chops, the companies said in a statement on Thursday.

Each company will invest 5 billion yen ($37.52 million) in the JV.

Yasuhide Mizuno, a senior Honda executive, will serve as the JV's chairman and CEO, and Izumi Kawanishi, an executive vice president at Sony, will be the president and chief operating officer.

Honda, maker of popular models such as Accord and Civic, is dealing with crimped margins as costs of raw materials have surged and a global chip crunch hurts production.

Earlier this year, the company said it would develop a series of lower-priced EVs with General Motors, based on a new joint platform, expanding on plans for GM to begin building two electric SUVs for Honda starting in 2024.

Shares in Honda and other Japanese automakers were down between 3% and 5% on Friday as world stocks were set to slide amid fears that sharp interest rate increases by central banks would tip economies into recession.

Reuters

More

Read more

;

Photos

VIDEOS

‘Taste of Australia’ gala dinner held in Ho Chi Minh City after 2-year hiatus

Taste of Australia Gala Reception has returned to the Park Hyatt Hotel in Ho Chi Minh City's District 1 after a two-year hiatus due to the COVID-19 pandemic

Vietnamese woman gives unconditional love to hundreds of adopted children

Despite her own immense hardship, she has taken in and cared for hundreds of orphans over the past three decades.

Vietnam’s Mekong Delta celebrates spring with ‘hat boi’ performances

The art form is so popular that it attracts people from all ages in the Mekong Delta

Vietnamese youngster travels back in time with clay miniatures

Each work is a scene caught by Dung and kept in his memories through his journeys across Vietnam

Latest news