NEW: Sony, Honda team up to develop and sell electric vehicles

Japan’s Sony Corp and Honda Motor Co Ltd said on Friday they would pair up to develop and sell battery-powered electric vehicles, and said they were open to bringing in other partners.

The companies said in a statement they would form a joint venture this year and aim to begin selling the first model in 2025. Honda will be responsible for manufacturing the first model, while Sony will develop the mobility service platform, they said.

“In the joint venture, we would like to lead the mobility evolution by combining our technology and experience with Honda’s long experience in mobility development and vehicle body manufacturing technologies,” Sony CEO Kenichiro Yoshida said.

The companies did not reveal financial details of the tie-up. – Reuters

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