- Honda Motor Co Ltd HMC and Sony Group Corp SONY have signed a joint venture agreement to establish a new company to engage in the sale of high-value-added electric vehicles.
- Both Honda and Sony together will invest ¥10 billion in total. The investment ratio is 50% each.
- The name of the new company is Sony Honda Mobility Inc.
- In March, the companies signed a Memorandum of Understanding regarding this strategic alliance.
- Sony and Honda plan to establish the new company within 2022 and begin selling EVs and providing mobility services in 2025.
- Price Action: HMC shares are trading lower by 2.49% at $24.30 on the last check Thursday.
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