Japan’s Sony and Honda Motor are teaming up to sell electric cars.
The companies agreed on Thursday to set up a joint venture that will start selling cars in 2025.
The partnership was first announced in March and was called Sony Honda Mobility.
Each company will invest 5 billion yen ($ 37.52 million) in the venture.
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Honda brings its experience in building and selling cars to the partnership, and Sony has software and technology experience.
Both companies made news this year involving electric vehicles.
SONY IMPROVES AMBITIONS FOR ELECTRIC VEHICLES WITH PLANS FOR A NEW COMPANY
Sony announced plans to enter the green mobility industry in January ahead of CES.
In April, Honda and General Motors announced that they were expanding their partnership for electric vehicles by developing a lower-priced EV series based on a new joint platform.
GENERAL MOTORS AND HONDA TOGETHER BUILD MORE ELECTRIC CARS
Honda has tracked Toyota’s transition to electric vehicles, but said it plans to launch 30 EV models and produce about 2 million EVs annually by 2030.
Yasuhide Mizuno, Honda’s chief executive, will serve as chairman and chief executive of JV, and Izumi Kavanishi, Sony’s executive vice president, will be president and chief operating officer.
Reuters contributed to this report.