Sony and Honda have signed a “memorandum of understanding” to build a new company – which is currently being referred to as the “New Company” – that will make electric cars. Honda will use its factory to produce the cars while Sony will provide the mobility service platform. The new company is to be created by the end of the year. If all goes to plan, the new company should have their first electric vehicle go on sale by 2025. Sony CEO Kenichiro Yoshida said “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.”. Honda CEO Toshihiro Mibe, CEO of Honda added: “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.” Sony isn’t the first tech company to go into the automotive industry, Xiaomi has plans to mass produce their first car by 2024 and Apple has been rumored to get into the EV market as well.
