Sony, Honda Plan EV Alliance
Sony Group Corporation (“Sony”) and Honda Motor Co., Ltd. (“Honda”) have entered into a prospective strategic alliance aimed at ushering in a new epoch of mobility and mobility services. The two industry leaders have signed a memorandum of understanding, indicating their plan to establish a joint venture. This proposed new entity aims to focus primarily on the collaborative development and sales of high value-added battery electric vehicles (EVs).
In tandem with the production and distribution of these cutting-edge EVs, the joint venture also plans to commercialize and provide innovative mobility services. This partnership signifies the shared vision of Sony and Honda in shaping a sustainable and technologically advanced future of transportation.
The two firms have embarked on negotiations, aiming to formulate and execute several definitive binding agreements. These include a joint development agreement and a joint venture agreement, cementing their partnership. Their objective is to establish the New Company within the year 2022. However, this is contingent upon the finalization and execution of the definitive agreements as well as gaining the necessary regulatory approvals. The creation of the New Company represents a significant strategic move for both firms and will likely have far-reaching implications in their respective industries.
In this alliance, Honda’s prowess in mobility development, vehicle body manufacturing technology, and a rich history of after-sales service management will be instrumental. Coupled with Sony’s wealth of experience in imaging, sensing, telecommunications, network, and entertainment technologies, they aim to revolutionize the mobility industry.
This collaboration will seek to develop and deliver a new generation of mobility and services, designed to be closely aligned with user needs and environmental considerations. Central to this vision is the commitment to continuous evolution and innovation, striving to consistently adapt and improve in response to the ever-changing technology landscape and societal needs.
The New Company has set its sights on 2025 for the commencement of sales for its first EV model. Notably, while the New Company will oversee the planning, designing, development, and sales of the EVs, it will not own and operate manufacturing facilities. This responsibility will fall to Honda, which is anticipated to manufacture the first EV model at its vehicle production facility.
As a key facet of this ambitious venture, Sony is expected to develop a mobility service platform. This platform, equipped with Sony’s cutting-edge technology, will be made available to the New Company, further solidifying the remarkable synergy in this partnership. With these plans in place, the New Company underscores its commitment to transforming the mobility industry while prioritizing environmental sustainability.
Comment from Kenichiro Yoshida, Representative Corporate Executive Officer, Chairman, President and CEO, Sony Group Corporation
“Sony’s Purpose is to ‘fill the world with emotion through the power of creativity and technology.’ Through this alliance with Honda, which has accumulated extensive global experience and achievements in the automobile industry over many years and continues to make revolutionary advancements in this field, we intend to build on our vision to ‘make the mobility space an emotional one,’ and contribute to the evolution of mobility centered around safety, entertainment and adaptability.”
Comment from Toshihiro Mibe, Director, President, Representative Executive Officer and CEO, Honda Motor Co., Ltd.
“The New Company will aim to stand at the forefront of innovation, evolution, and expansion of mobility around the world, by taking a broad and ambitious approach to creating value that exceeds the expectations and imagination of customers. We will do so by leveraging Honda’s cutting-edge technology and know-how in relation to the environment and safety, while aligning the technological assets of both companies. Although Sony and Honda are companies that share many historical and cultural similarities, our areas of technological expertise are very different. Therefore, I believe this alliance which brings together the strengths of our two companies offers great possibilities for the future of mobility.”
