TOKYO -- Honda Motor and Japanese electronics giant Sony have inked an agreement to set up a “high-value-added” electric vehicle joint venture this year under the name Sony Honda Mobility that will deliver a “new generation of mobility and services.”
The move, announced in a statement Thursday, teams two iconic Japanese brands from two of the country’s most important business industries: automotive and high technology.
The 50-50 company will be established this year with the goal of starting EV sales and providing mobility services in 2025, the companies said. The deal is still subject to regulatory approval.
Yasuhide Mizuno, currently a senior managing officer at Honda, will be the chairman and CEO of the new company. Mizuno was formerly Honda’s chief officer for automobile operations before being tasked to head the Honda-Sony JV Prep Office, a change that took effect June 1.
Izumi Kawanishi, a Sony executive vice president, will be its president and COO.