Honda and Sony sign joint venture to form new mobility business
Sony Group Corporation and Honda Motor Co., Ltd. have signed a joint venture agreement to establish a new company, Sony Honda Mobility Inc., to engage in the sale of high-value-added electric vehicles (EVs) and provide services for mobility. The 50-50 joint venture will be headquartered in Tokyo, Japan.
Sony and Honda plan to establish the new company within 2022 and to begin the sale of EVs and provision of services for mobility in 2025.
Yesterday’s announcement is the result of discussions on a strategic alliance in the mobility field between the parties which was announced on March 4, 2022.
The new company will aim to bring together Honda’s cutting-edge 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, to realize a new generation of mobility and services for mobility that are closely aligned with users and the environment, and continue to evolve going forward.
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 centered around the three areas of safety, entertainment and adaptability. As we continue our learnings 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,” said Kenichiro Yoshida, president and CEO of Sony Group Corporation.
“Honda continues to take on new challenges in the environmental, safety, and other advanced fields in order 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 own initiative,’” said Toshihiro Mibe, Director, president and CEO of Honda Motor Co., Ltd.
“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 Mibe.
“We plan to fully leverage the technological assets the two companies possess in different fields, such as Sony’s sensing technology and Honda’s original mobility development capabilities, to realize mobility and services that inspire and excite our customers. By bringing together the expertise of both companies, we aim to lead the way in a new era,” said Yasuhide Mizuno, chairman and CEO of Sony Honda Mobility Inc. and senior managing officer of Honda Motor Co., Ltd.