[Tokyo: Sony Group Corp.'s Chief Executive Kenichiro Yoshida, left, and Honda Motor Co.'s Chief Executive Toshihiro Mibe, right, shake hands at a press conference in Tokyo Friday, March 4, 2022. Two big names in Japanese electronics and autos are joining forces to produce an electric vehicle together. Sony Group Corp. and Honda Motor Co. agreed to set up a joint venture this year to start selling an electric vehicle by 2025, both sides said Friday. /PTI] Tokyo, March 4 : As electric cars become the flavour of the season, Sony and Honda on Friday announced a strategic alliance to form a New Company that aims to create the next era of mobility and mobility services. The sales of the first EV model are expected to start in 2025. The two companies plan to engage in the joint development and sales of high value-added battery electric vehicles (EVs) and commercialise them in conjunction with providing mobility services. The New Company is expected to plan, design, develop, and sell the EVs, but not own and operate manufacturing facilities, so Honda is expected to be responsible for manufacturing the first EV model at its vehicle manufacturing plant. It is expected that a mobility service platform will be developed by Sony and made available for the New Company, they said in a statement. "Through this alliance with Honda, we intend to build on our vision to 'make the mobility space an emotional one', and contribute to the evolution of mobility centred around safety, entertainment and adaptability," said Kenichiro Yoshida, Representative Corporate Executive Officer, Chairman, President and CEO, Sony. The two companies will proceed with negotiations toward executing various definitive binding agreements, including a joint development agreement and a joint venture agreement, with a goal of establishing the New Company within this year. "Although Sony and Honda are companies that share many historical and cultural similarities, our areas of technological expertise are very different. Therefore, I believe this alliance which brings together the strengths of our two companies offers great possibilities for the future of mobility," said Toshihiro Mibe, Director, President, Representative Executive Officer and CEO, Honda Motor. In its bid to catch up with Elon Musk-run Tesla, Ford Motor Company on Wednesday announced to increase its electric vehicle (EV) investment to $50 billion through 2026, up from the previous $30 billion investment announcement by 2025. The automaker aims to produce more than 2 million electric vehicles annually by 2026, representing about one-third of Ford's global volume, rising to half by 2030. /IANS