The two companies were in negotiation for the new venture since March 2022. When it comes to roles, Honda will utilise its expertise in vehicle manufacturing, safety and environment technologies, and after-sales service. While Sony will provide its expertise and hardware its imaging and other sensors, connectivity tech, entertainment, and telecommunication technologies.
Sony Honda Mobility Inc details
The new Sony Honda Mobility Inc will be headquartered in Tokyo, Japan and has been established putting a capital of 10 billion Japanese yen (around 5.8 billion INR). The two companies hold an equal partnership of 50% of the total investment. For the members of the board, Yasuhide Mizuno from Honda Motors has been appointed as Chairman and CEO while Izumi Kawanishi from Sony takes the responsibility as the President and COO of Sony Honda Mobility Inc. ALSO READ: EV Loans: Leading banks are offering electric vehicle loans at lower interest rates; Here’s how to apply Mr Yasuhide Mizuno said during the venture announcement, “We are very pleased to sign this joint venture agreement, which represents the start line from which we embark on the major challenge of revolutionizing mobility and creating new value.” He added, “By bringing together the expertise of both companies, we aim to lead the way in a new era.” Previously during the CES 2022, Sony presented its Vision-S concept electric SUV and hinted to bring its commercial version in the future. While Honda is already working with General Motors to explore the opportunity of manufacturing affordable EVs based on Ultium battery which is anticipated to hit the market by 2024.
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