Sony and Honda finalize joint venture to establish EV company

Yet again, more car companies are merging together to make their mark in the electric vehicle industry. Recently, Sony and Honda signed and joined forces to build, upgrade, and sell new electric vehicles. This surprising merger interested car enthusiasts since Honda and Sony are long-standing rivals. The current goal for this company is to start selling fully upgraded electric vehicles by 2025.

Honda has been slow to join the electric vehicle industry. Currently, Honda only has one electric car for sale; the Honda E. There are a lot of plans underway as each company is planning to invest 5 billion yen, which is about $37.52 million. By 2030, just eight years from now, JV is expecting to launch 30 different electric vehicle models and produce 2 million electric vehicles each year.

Honda and Sony executives are working closely together to make this merger as smooth as possible. For example, Yasuhide Mizuno and Izumi Kawanishi will be working together as President and CEO of JV. Just last Friday, the stocks for Honda dropped down about 3-5% as the federal government in the United States implemented changes to interest rates in hopes of stopping inflation. This has some viewers afraid of an impending recession.

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