"Sony Honda Mobility has determined there was not a 'viable path forward' after Honda recalibrated its EV strategy following steep losses. The automaker announced a writedown of as much as 2.5 trillion yen on its EV investments, marking its first annual loss in over 70 years."
"The joint venture aimed to develop and sell high value-added mobility products by combining the technologies, expertise, and development capabilities of Sony and Honda. However, due to Honda's reassessment of its automobile electrification strategy, SHM will not be able to utilize certain technologies and assets originally planned."
Sony Honda Mobility has announced the discontinuation of the Afeela 1 electric sedan and an unnamed SUV concept. This decision follows Honda's reassessment of its EV strategy due to slower demand and significant financial losses, including a writedown of up to 2.5 trillion yen. The joint venture aimed to combine Sony and Honda's technologies but found no viable path forward after Honda's strategic changes. Several planned EVs have also been canceled as part of this shift.
Read at The Verge
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