Sony and Honda form a joint venture for the production of electric vehicles

Japanese companies Sony and Honda announced the creation of a joint venture for the production of electric vehicles.

It is planned that the joint venture, organized on the basis ofequal shares, will start selling electric vehicles in 2025. Japanese automakers are in no hurry to transition to the production of electric cars and completely abandon the use of internal combustion engines, but modern realities and investor demands are forcing them to accelerate this transition. Honda currently produces only one electric car, but says it aims to produce 30 electric car models by 2030 and sell up to 2 million electric cars annually. The Sony Honda Mobility joint venture will be powered by Honda's automotive technology and Sony's electronics technology. Each of the companies will invest 5 billion yen ($37.52 million) in the joint venture.