Sony and Honda Sign Joint Venture Agreement to Establish Sony Honda Mobility Inc.
Jun 17, 2022 By MarketDepth
Sony group Corporation (NYSE: SONY) and Honda Motor Co., Ltd. (NYSE: HMC) reported signature on a joint venture agreement to establish Sony Honda Mobility Inc. to engage in the sale of high value added electric vehicles and provide services to mobility. This announcement further pushes the strategic alliance in the mobility field between the two companies as announced in the previous press release “Sony and Honda Sign Memorandum of Understanding for Strategic Alliance in Mobility Field” on March 4th, 2022.
“Based on our vision to `make the mobility space an emotional one,’ Sony’s initiatives in the mobility business are centered around the three areas of safety, entertainment and adaptability. As we continue our learnings in these areas, we are excited 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 cutting-edge environmental and safety technologies, mobility development capabilities, vehicle body manufacturing technology and after-sales service management experience, with our expertise in imaging, sensing, telecommunication, network and entertainment technologies.”Kenichiro Yoshida, Representative Corporate Executive Officer, Chairman, President and CEO, Sony Group Corporation
Comment from Toshihiro Mibe, Director, President, Representative Executive Officer and CEO, Honda Motor Co., Ltd., “Honda continues to take on new challenges in the environmental, safety, and other advanced fields in order to be a driving force for social change through mobility, and `become the power that supports people around the world who are trying to do things based on 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 for this joint venture. At the new company, we will strive to create new value through the fusion brought about by the combination of our different industries, so please look forward to future developments.”