Sony and Honda are launching a new electric vehicle firm.

Two of Japan's most powerful businessmen have teamed up.
Sony (SNE) and Honda (HMC) announced plans to form a joint venture to develop and market electric vehicles on Friday. The company will launch later this year, with deliveries beginning in 2025.

The terms of the agreements are still being worked out, and they will be subject to regulatory approval, according to a joint statement from the two companies.

"The new business will be responsible for planning, designing, developing, and selling electric vehicles, but not for owning and operating production facilities," they noted. One of Honda's facilities will handle production.

Sony will be entrusted with developing a platform that would enable mobility services, according to the company, which did not elaborate.
Electronic gadgets and entertainment products are the most well-known products of the Japanese corporation.

However, Apple has recently expressed an interest in entering the automotive business, revealing its first concept vehicle at the CES consumer technology trade exhibition two years ago. In December 2020, Sony began testing the car, dubbed the Vision-S 01, on public roads in Europe.
This year, the corporation made another step forward by announcing plans to start an electric car company and unveiling a new SUV design.

"We believe Sony is ideally positioned as a creative entertainment company to reimagine mobility with our image and sensing, cloud, 5G, and entertainment technologies paired with our content mastery," Sony CEO Kenichiro Yoshida said at CES in January.
Toshihiro Mibe, CEO of Honda, stated on Friday that the two firms might operate effectively together.

"Although Sony and Honda are both Japanese corporations with similar histories and cultures, our technological knowledge is vastly different."
"As a result, I believe that this agreement, which brings together the qualities of our two firms," he stated in the statement.