Sony, Honda sign JV to sell electric cars by 2025

Japan's Sony and Honda Motor on Thursday officially agreed to an equally owned joint venture that will start selling electric cars in 2025, reports Reuters.

Honda, like bigger rival Toyota Motor, has been slower to shift to electric vehicles (EV) than global automakers and is under pressure from investors to make cars that are carbon-free and equipped with newer technology such as self-driving features.

The car maker, which only offers one EV, Honda e, has said it plans to roll out 30 EV models and make some 2 million EVs annually by 2030.

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