Sony & Honda Want To Make A Separate EV Brand
Japanese automotive giant Honda and tech giant Sony have agreed to spin off their planned joint-venture electric vehicle startup into a separate, independent company. Earlier this year, Sony and Honda announced plans to establish an EV joint venture that will not only work towards the development and sale of new electric vehicles but also develop a new 'mobility service platform.' The two companies didn't reveal a lot about their plans but said that the first vehicle from the joint venture would hit the market in 2025.
In their joint press release announcing the new partnership, the two companies also revealed that Honda would take care of the manufacturing while Sony would offer its technical expertise in developing the so-called mobility service platform. It is, however, not clear whether the JV would start from scratch with all-new platforms or if it will work on existing concepts from either company. Either way, the JV probably confirms Ford CEO Jim Farley's recent industry assessment. He said that traditional automakers like Ford would soon have to partner with non-automotive companies to remain relevant as the industry transitions from internal combustion to electric.
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In an interview with Nikkei Asia, Sony Chairman, President and CEO Kenichiro Yoshida said that both companies agreed it would be for the best to spin off their EV into an independent joint venture rather than putting it under Sony or Honda. Yoshida also said that the two companies could even consider selling a stake in their JV or have an initial public offering (IPO) to offload some of their holdings. He didn't reveal too much more about the companies' plans but said he might offer
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