Sony and Honda sign joint venture agreement to establish new company, “Sony Honda Mobility Inc.”, to engage in mobility business

Sony Group Corporation (“Sony”) and Honda Motor Co., Ltd. (“Honda”) announced today that they have signed a joint venture agreement to create a new company to sell high value-added electric vehicles (EVs) and provide mobility services

Sony Group Corporation (“Sony”) and Honda Motor Co., Ltd. (“Honda”) announced today that they have signed a joint venture agreement to create a new company to sell high value-added electric vehicles (EVs) and provide mobility services. Today’s announcement promotes and culminates in the discussion of a strategic mobility alliance between the parties, as announced in the joint press release titled “Sony and Honda Sign a Memorandum of Understanding for a Strategic Alliance in Mobility”. mobility” on March 4, 2022.

The new company aims to bring together Honda’s advanced environmental and safety technologies, mobility development capabilities, bodybuilding technology and after-sales service management experience with Sony’s expertise in the development and application of imaging, sensing, telecommunications, network and entertainment technologies, to create a new generation mobility and mobility services that are closely attuned to users and the environment, and continue to evolve in the future.

Sony and Honda plan to establish the new company in 2022 and start selling electric vehicles and mobility services in 2025. The establishment of the new company and the start of operations are subject to relevant regulatory approvals.

New company overview (planned)

Company Name:
Sony Honda Mobility Inc.

Place:
Tokyo, Japan

Capital city:
10 billion yen

Investment ratio:
Sony Group Corporation 50%, Honda Motor Co., Ltd. 50%

Members of the board:
Yasuhide Mizuno, Representative of the Director, Chairman and CEO
Izumi Kawanishi, Representative Director, President and COO
Shugo Yamaguchi, Director and Vice President
Kojiro Okabe, Director and Executive Vice President
Manabu Ozawa, Director (Honda Motor Co., Ltd.)
Naoya Horii, Director (Sony Group Corporation)

Commentary from Kenichiro Yoshida, Representative Corporate Executive Officer, Chairman, President and CEO, Sony Group Corporation

“Based on our vision to ‘make the mobility space an emotional one’, Sony’s initiatives in the mobility sector focus around the three areas of safety, entertainment and adaptability. As we continue our lessons in these areas, we are pleased to have met a partner, Honda, with extensive global achievements and knowledge, and to sign the joint venture agreement between the two companies. Going forward, we aim to contribute to the evolution of mobility by combining Honda’s advanced environmental and safety technologies, mobility development capabilities, body manufacturing technology and after-sales service management experience with our expertise in imaging, sensing, telecommunications, network and entertainment technologies .”

Commentary from Toshihiro Mibe, Director, President, Representative, Executive Officer and CEO, Honda Motor Co., Ltd.

“Honda continues to take on new challenges in environmental, security and other advanced areas to be a driver for social change through mobility, and to become the force supporting people around the world trying to do things. do on the basis of their own initiative.’ We are very pleased to have signed a joint venture agreement with Sony, which has strengths in advanced digital technology, and shares our desire to take on new challenges. Since its announcement in March, many people have expressed their expectations about this joint venture. In the new company, we will strive to create new value through the merger caused by the combination of our different industries, so look forward to future developments.”

Commentary from Yasuhide Mizuno, Representative Director, Chairman and CEO of Sony Honda Mobility Inc. (planned) and Senior Managing Officer of Honda Motor Co., Ltd.

“We are delighted to sign this joint venture agreement, which is the starting point from which we take on the great challenge of revolutionizing mobility and creating new value. We intend to take full advantage of the technology assets the two companies possess in various areas, such as Sony’s sensing technology and Honda’s native mobility development capabilities, to deliver mobility and services that inspire and excite our customers. By bringing together the expertise of both companies, we want to lead the way in a new era.”

Commentary from Izumi Kawanishi, Representative Director, President and COO of Sony Honda Mobility Inc. (planned) and Executive Vice President of Sony Group Corporation

“I am very pleased to have reached this day, which is an important milestone in realizing the initiatives we have worked on so far to contribute to the evolution of mobility. By combining the many strengths of Sony and Honda, we want to accelerate the development and lead the evolution of mobility by realizing mobility as an emotional space rooted in safety and security, and the related services.”

SOURCE: Honda

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