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Benzinga
Benzinga
Business
Shivani Kumaresan

Honda, Sony Join Forces For EVs - Read More For Details

Sony Honda Company HMC NYSE Honda Motor Co Ltd Sony Group Corp
  • Honda Motor Co Ltd (NYSE:HMC) and Sony Group Corp (NYSE:SONY) have signed a joint venture agreement to establish a new company to engage in the sale of high-value-added electric vehicles.
  • Both Honda and Sony together will invest ¥10 billion in total. The investment ratio is 50% each.
  • The name of the new company is Sony Honda Mobility Inc.
  • In March, the companies signed a Memorandum of Understanding regarding this strategic alliance.
  • Sony and Honda plan to establish the new company within 2022 and begin selling EVs and providing mobility services in 2025.
  • Price Action: HMC shares are trading lower by 2.49% at $24.30 on the last check Thursday.
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