Cars

Sony and Honda team up to take on Tesla

The rapidly expanding market for electric vehicles is attracting more major manufacturers. Going to the gas station is perhaps the most stressful thing Americans are doing right now.

The sting of inflation-driven fuel expenses is not a problem for people who have already invested in electric vehicles. However, many people who are feeling the pinch are looking to electric vehicles as a long-term option.

While increased buyer interest in electric vehicles is nothing new, Tesla (TSLA) - Get Tesla Inc. Report was the market's first major player when people began to take them seriously. This created a good problem for Tesla, since its cars suddenly became so popular that they were sold out.

Because of the increased interest, other businesses had to step in and compete. Toyota (TYIDF), Volkswagen (VWAGY) - Get Volkswagen AG ADR Report, and Ford (F) - Get Ford Motor Company Report are just a few of the traditional automakers that now offer all-electric vehicles.

New players have emerged as a result of the growth, including Tesla rival Rivian (RIVN) - Get Rivian Automotive Inc. Report, which went public in November 2021, Lightyear, headquartered in the Netherlands, and Polestar, based in Sweden.

And now, a well-known manufacturer with a long history of producing high-quality automobiles is entering the race in a brand-new way. However, if you want to buy one of its new vehicles, you'll have to wait a while because they won't be available for a while.

Honda (HNDAF) is no stranger to the electric vehicle market, having released its first electric vehicle, the Fit EV-Plus, or Honda EV Plus as it's more widely known, in 1997. In 2012, it released an electric Honda Fit hatchback, followed by the space-age-inspired MC- in 2014 and the Clarity Electric in 2016.

With the Honda Insight, it has also introduced a hybrid EV option over the years. If you're lucky enough to live in one of the markets where it's available, there's also the Honda E, a compact, sleek all-electric vehicle with design cues from the first-generation Civic.

But this relationship, which is expressly geared at the creation of 'high-value-added' electric vehicles, is novel for Honda. It has been stated that it would collaborate with Sony to create a new type of electric car company called Sony Honda Mobility Inc.

'The new company will aim to combine Honda's cutting-edge environmental and safety technologies, mobility development capabilities, vehicle body manufacturing technology, and after-sales service management experience with Sony's expertise .

The development and application of imaging, sensing, telecommunication, network, and entertainment technologies to realise a new generation of mobility and services for mobility that are closely aligned with users and the environment,' says the press release.

Following regulatory permissions, the new firm will be formed this year, with the goal of having electric vehicles ready to sale by 2025. If you're searching for a car right now, this isn't the best option, but if you're a Honda fan or have appreciated the company's previous EV efforts, it could be ideal.

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