The two companies will invest 5 billion yen, or $37.52 million, as part of the joint venture.
The two companies will invest 5 billion yen, or $37.52 million, as part of the joint venture.
Carmaker Honda Motor and tech major Sony have partnered to sell electric vehicles in 2025.
As part of this partnership, the two companies will invest 5 billion yen ($37.52 million). The decision comes after two Japanese firms announced in March They will manufacture and sell EVs.
Honda and Sony’s new company, Sony Honda Mobility Inc., will be established this year following this joint effort.
Honda will provideenvironment and safety technologiesas well as car manufacturing expertise, while Sony will support “imaging, sensing, telecommunications, network and entertainment technologies”. According to the joint statement.
The announcement comes amid international supply chain challenges, skyrocketing fuel costs and global chip shortages. Central banks around the world are also raising key interest rates.
On June 17, Honda shares fell 2.81% while Sony shares fell 0.31%.