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3/4, 7:32 AM (Source: TeleTrader)
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Sony, Honda reach deal on EV production

Sony Group Corporation and Honda Motor Co. Ltd. announced on Friday that they signed a memorandum of understanding on creating a joint venture (JV) centering on "high value-added battery electric vehicles (EVs)."

The two Japanese giants specified that they "plan to engage in the joint development and sales" of electric vehicles and "commercialize them in conjunction with providing mobility services" and that the JV will be established this year.

Sony and Honda expect the first car made by the shared company to appear on the market in 2025. Honda will manufacture the vehicle at its plant and Sony will develop a "mobility service platform" which will be provided to the joint venture. "The New Company is expected to plan, design, develop, and sell the EVs, but not own and operate manufacturing facilities," the Japanese corporations explained.

Baha Breaking News (BBN) / MS