Sony, Honda sign JV to sell electric cars by 2025

Sony and Honda Motor on Thursday formally agreed to an equally owned joint venture that will begin selling electric cars in 2025.

Honda, like its bigger competitor Toyota Motor, has been slower to transition to electric vehicles (EV) than global automakers and is going through pressure from investors to make cars that are carbon-free and geared up with newer technology such as self-driving features.

The automaker, which only offers one EV, Honda e, has said it prepares to present 30 EV models and make some 2 million EVs yearly by 2030.

Each company will spend 5 billion yen ($37.52 million) in the JV.