SONY GROUP CORPORATION [6758.T]
TOKYO, Apr 21 (Pulse News Wire) – Sony Group Corporation (6758.T) and Honda Motor Co Ltd have agreed to revise their strategy for their joint venture, Sony Honda Mobility (SHM). Following the decision to halt development and sales of SHM's electric vehicle models announced on March 25, the companies concluded that achieving SHM’s goals within existing frameworks was challenging in the near term.
As a result, SHM will undergo restructuring, with its employees being reassigned primarily to parent companies based on individual preferences. Since SHM’s establishment in September 2022, Sony and Honda have collaborated to create innovative mobility solutions. Despite this, the companies determined that expanding SHM’s offerings under current conditions would be difficult.
Moving forward, Sony and Honda plan to continue discussions on how best to leverage software for user experience enhancement in the evolving automotive landscape. In light of the restructuring, the impact on Sony’s consolidated earnings remains under review. Details of the agreement can be found in the attached press release.
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