The companies Honda and Sony said, they are going to be forming a joint venture for the purpose of producing the electric vehicles in a deal that will be bringing together two of the big companies of Japan for taking of Tesla.
By targeting the high valuations of Tesla and several other electric vehicle company has now achieved before the current sell-off in the stocks of the technology, and the chief executives of both the companies said that, they are going to be opening to float the joint venture on the public markets.
This partnership has also been highlighting how the companies of Japan have been working for catching up in the worldwide competition for the dominance of the electric vehicles along with the domestic competitors of Honda including Nissan and Toyota, and both the companies are announcing the plans of spending with tens of the billions of dollars at the end of 2021.
The partnership is also going to be allowing Song for deploying the company’s formidable sensor technology that has been critical for the autonomous driving technology as the company is working for reclaiming the top position in the consumer electronics after being undermined by the competitors that is including Samsung.
Toshihiro Mibe, chief executive of Honda said, the new company is going to be standing at the front of the innovation, expansion and evolution of the mobility across the world by taking an ambitious and broad approach, and the company is also expected for being established in the year 2022 along with the sales of the first electric vehicles that are due to begin in the year 2025.
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