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The
companies said in a statement they would form a joint venture
this year and aim to begin selling the first model in 2025.
Honda will be responsible for manufacturing the first model,
while Sony will develop the mobility service platform, they
said.
"In the joint venture, we would like to lead the mobility
evolution by combining our technology and experience with
Honda's long experience in mobility development and vehicle body
manufacturing technologies," Sony CEO Kenichiro Yoshida said.
The companies did not reveal financial details of the tie-up.
During a news conference in Tokyo on Friday, Honda CEO Toshihiro
Mibe said although he is not thinking about taking the joint
venture public immediately, he would not dismiss that as among
the options to grow the firm.
Asked whether the partnership between the two companies is
exclusive, Mibe said they are open to bringing in other
companies while wanting to focus on developing the electric
vehicle model for now.
"In the future, we would like to expand our business with an
open mindset," Mibe said, adding Honda will continue to develop
its own electric vehicle strategy separate from the joint
venture.
The announcement comes as the electronics maker was seeking to
further its ambitions to become a key player in next-generation
automobiles, while automakers like Honda are under pressure to
make carbon-free cars as well as vehicles equipped with features
beyond traditional means of transportation.
The rapid shift to embrace electric vehicles around the world,
stoked by a global push to slash carbon emissions, creates
opportunities for tech companies to join the auto market since
those vehicles are simpler to manufacture than cars carrying
internal combustion engines.
At the same time, those tech companies face challenges of
meeting rigorous safety regulations for vehicles, and making
cars capable of withstanding sometimes difficult driving
conditions. Yoshida announced in January a plan to create a new
company, Sony Mobility, saying it was exploring a commercial
launch of electric vehicles.
Although its once-dominant position in consumer electronics has
been eroded by Asian rivals like South Korea's Samsung
Electronics Co, Sony still has an arsenal of sophisticated
technology in areas such as sensors critical to autonomous
driving.
Competition within the electric vehicle market is intensifying
as well. Asked about how the joint venture would fend off
challenges from competitors, Mibe said he wants it to "create a
chemical reaction" that exceeds customers' expectations.
(Reporting by Satoshi Sugiyama; Editing by David Dolan,
Christopher Cushing, Edwina Gibbs, Kenneth Maxwell and Kim
Coghill)
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