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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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