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Sony beefs up electric vehicle ambitions with plans for new company

Sony beefs up electric vehicle ambitions with plans for new company
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Journalists wait for the press conference of Sony’s new president and CEO Kenichiro Yoshida on the company’s business plan at Sony’s headquarters in Tokyo, Japan on May 22, 2018. REUTERS / Toru Hanai

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Jan 5 (Reuters) – Japanese electronics company Sony Group Corp. (6758.T) plans to launch a company in spring 2022 to explore entering the electric vehicle market, indicating ambitions to claim a portion of the fast-growing market for green mobility.

Announcing the new company, Sony Mobility Inc, at a press conference ahead of the CES technology trade fair in the US, Kenichiro Yoshida, Sony’s Chairman and CEO, announced that the company is “exploring a commercial launch” of electric vehicles.

Shares in Sony jumped 4% in morning trading in Tokyo, outpacing the Nikkei flat (.N225).

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Sony already has advanced technology in sensors important for autonomous driving, as well as audio and entertainment systems that are increasingly focused on next-generation vehicles.

Sony Mobility’s launch comes after the consumer electronics giant unveiled a prototype of a sports utility vehicle (SUV) that is now being tested on public roads.

The prototype, the VISION-S 02, uses the same electric vehicle platform as the previous VISION-S 01 coupe which began testing on public roads in Europe from December 2020.

(This story is paraphrased to remove the extraneous word in paragraph 1)

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Shinji Kitamura reports. Editing by David Dolan and Himani Sarkar

Our Standards: Thomson Reuters Trust Principles.

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