-- Sony Group (TYO:6758) and Honda Motor (TYO:7267) said their joint venture Sony Honda Mobility will scale down operations after scrapping planned electric vehicle launches, according to a Tuesday filing on the Tokyo Stock Exchange.
The decision follows the cancellation of the Afeela models, with the companies concluding it would be difficult to deliver products aligned with the venture's goals in the near to medium term under the current setup.
Operations will be reduced for now, with employees expected to be reassigned to the parent companies or related entities.
The companies said they will continue exploring future collaboration, focusing on software-driven mobility and advanced driver assistance technologies.