More Heat In The EV Race Gets As Sony and Honda Prepare For Premium EV Offering - Sony Group (NYSE:SONY), Honda Motor Co (NYSE:HMC)

A joint venture set up by Sony Group Corp SONY and Honda Motor Co Ltd HMC look to deliver its first electric vehicles by 2026 and sell them online, starting in the U.S. and Japan.
They will price the new EV at a premium, offering a new software system developed by Sony that would open the way to recurring revenue from entertainment and other services for monthly billing, Reuters reports.
On June 16, the companies agreed to establish Sony Honda Mobility Inc.
Also Read: Tesla Model Y Becomes Bestselling EV In Germany
Sony will provide the software system for the new car, from the onboard controllers to cloud-based services that will connect with entertainment and payment systems.
It will also provide sensors and other technology for a Level 3 autonomous drive system, helping drivers to pay more attention to the content and software services.
Honda will decide the platform the new vehicle will use and details like the battery supplier.
The report added that Honda will manufacture the EV at one of its plants in Ohio.
Yasuhide Mizuno, the joint venture's Chair and CEO, and a senior Honda executive said the project was important for Honda to develop a "longer-term relationship" with its car buyers as the vehicle shifts to more of a connected device.
The new EV will be ready for the Japanese market in the second half of 2026. They also considered a launch for Europe.
Orders for the new EV should open in 2025.
Price Action: HMC shares closed lower by 0.73% at $21.76 on Wednesday.
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