Sony announced the agreement to set up Sony Honda Mobility in a press release in mid-June. They want to found the new joint venture this year and concentrate on developing and designing the joint electric car for the next three years. This is a declaration of intent that was signed at the end of March.
Sony and Honda each have a 50 percent stake in the joint venture
Honda will be responsible for mobility development and vehicle body construction, while Sony will be responsible for imaging, sensor, telecommunications, network and entertainment technology. Both companies have a 50 percent stake in Sony Honda Mobility. As of the end of June 2022, no extensive data was available to the public about the costs and income that the joint venture will bring for the contractual partners. It is known that ten billion yen (around 70 million euros) capital is to be made available.
In a few years, Sony Honda Mobility could become independent
Sony CEO Kenichiro Yoshida appears to have big plans for the new company. According to heise, he explained at the CES press conference in Las Vegas in early 2022 that autonomous driving could become established in the next few years. At that time he had already presented his own concept car as part of the plans for Sony Mobility – in which Honda did not play a role. Whether the design of this vehicle will be taken over by Sony Honda Mobility is still unclear. Since the signing of the agreement to set up the new company, he has also said that the joint venture could become independent after a few years and enter into cooperation with other car manufacturers, reports heise.
Sony and Honda executives look forward to working together
In any case, Sony and Honda are very satisfied with the signing of the agreement to set up their future company based in Tokyo (Japan).
Honda CEO Tohishiro Mibe is quoted in the press release as follows: “We are very pleased to have signed a joint venture agreement with Sony, which is particularly strong in the field of advanced digital technology, with whom we share the desire to take on new challenges. ” In addition, the new partnership will help to address new environmental, safety and mobility requirements at Honda, heise quotes as citing the top executive.
Honda’s Yasuhide Muzino becomes CEO of Sony Honda Mobility
Sony CEO Yoshida told the Wall Street Journal that after visiting the Honda plant in Ohio (USA), he was very happy to be working with an experienced partner to develop a vehicle. And Yasuhide Mizuno, future CEO of Sony Honda Mobility and current Honda manager, explains in the Sony press release: “We are very pleased to sign this joint venture agreement, the starting point for the great challenge to revolutionize mobility and to create new values We plan to combine the technological merits of both companies in different areas [ ] to fully use it to realize mobility and services that inspire and delight our customers. By combining the know-how of both companies, we want to pave the way for a new era.”
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