Honda and Sony two of Japan's top corporate giants have teamed together to join the market for electric vehicles.
Technology and software firm Sony has partnered with the car maker Honda to create electric vehicles in 2025.
U.S. firms, like Tesla and Apple have been very active in their research into electric vehicle production, considering it as a potential market that is expected to grow in the next years.
The joint venture is an example of Japanese economic cooperation - both Honda as well as Sony are legacy businesses that are located in Japan.
"The new company is expected to combine Honda's leading security and environmental technologies as well as mobility development capabilities. car body manufacturing technologies.
and after-sales service management experience, with Sony's expertise in the development and application of imaging, sensing, telecommunication, network and entertainment technologie
to bring about a new era of mobility and services that are in close alignment with the users and the surroundings and will continue to develop as time goes on," Honda announced earlier this month.
The joint venture, dubbed Sony Honda Mobility - was first made public in March.
Every company is expected to invest around five billion dollars ($37.52 millions) in the project.
Honda as well as its premium brand Acura have launched new, certified pre-owned programs for vehicles that are up to 10 years old.
Honda hopes that its new offerings to attract young or first time buyers that were excluded from the new auto market.
It, along with other major automakers have retreated from the sub-$20,000 segment and the most affordable Honda currently available is the HR-V that starts at $23,095.