TOKYO – Honda, in the midst of a radical corporate makeover, will team with Japanese electronics giant Sony Corp. on a new joint venture to develop and sell electric vehicles.
The tie-up is the first major collaboration between two iconic Japanese brands from different industries to tackle the challenges of new mobility in an auto industry under siege by change.
Under a memorandum of understanding, announced March 4 by Honda and Sony, the companies said they will form a new company within this year for "high value-added" battery electrics and commercialize them in conjunction with mobility services.