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Both companies will invest 5 billion yen, or $ 37.52 billion, as part of a joint venture.
Carmaker Honda Motor and tech major Sony have teamed up to sell electric cars by 2025.
As part of this partnership, the two companies will invest each of $ 5 billion ($ 37.52 million). The decision comes after two Japanese firms announced in March that they would build and sell EVs.
A new Honda and Sony company, Sony Honda Mobility Inc., will be launched this year as a follow-up to this joint effort.
Honda will provide “environmental and safety technology,” as well as automotive technology, and Sony will support “photography, hearing, telecommunications, network and entertainment technology,” according to a joint statement.
The announcement comes amid the challenges of an international supply chain, rising fuel costs, and global chip shortages. The world’s largest banks are also raising significant interest rates.
On June 17, Honda shares fell 2.81% while Sony shares fell 0.31%.