Sony, Honda join hands to develop and sell electric vehicles

The two companies said in a statement they would form a joint venture this year and aim to begin selling the first model in 2025.

Honda will be responsible for manufacturing the first model, while Sony will develop the mobility service platform, they said.

The presidents of both companies will hold a news conference in Tokyo at 5 p.m. (0800 GMT) on Friday.

Sony's Chief Executive Kenichiro Yoshida announced in January a plan to create a new company, Sony Mobility, saying it was exploring a commercial launch of electric vehicles.

Although its once-dominant position in consumer electronics has been eroded by Asian rivals like South Korea's Samsung Electronics Co, Sony still has an arsenal of sophisticated technology in areas such as sensors critical to autonomous driving.