Sony and Honda Motor have agreed to jointly produce electric vehicles, with plans to commence sales in 2025.
Honda has been slow to join the global uptake of electric vehicles, and currently the Honda e model is the firm’s only EV offering. The company has been under pressure from shareholders to offer further carbon-free options as well as investing in other technology such as self-driving features.
Honda has said it plans to roll out 30 EV models in total and produce 2 million units annually by 2030.
The joint venture, named Sony Honda Mobility, was first announced in March. Representatives from both firms have been working through the finer details, leading to today’s announcement that the two companies will hold an equal stake in the operation. Each company will invest 5 billion yen ($37.52 million) in the JV.
Yasuhide Mizuno, a senior Honda executive, will be appointed as the JV’s chairman and CEO, with Sony executive vice president Izumi Kawanishi serving as president and chief operating officer.
A joint statement released by the companies talked up the potential of pairing Honda’s expertise in the carmaking industry with Sony’s in the tech sector.
The news is the latest sign of Honda’s growing interest in the EV marketplace, with the company announcing another deal earlier this yearto develop a series of lower-priced EVs with General Motors.