Japan’s Sony Group Corp. is set to launch a company this spring to explore the possibility of entering the electric vehicle market, according to a report by Reuters on Wednesday.

  • The new company, Sony Mobility Inc, emerges as the Japanese tech giant is considering a commercial launch of electric vehicles.
  • Kenichiro Yoshida Sony Chairman stated that Sony is well-positioned as a creative entertainment firm to redefine mobility with their imaging, sensing, cloud, 5G, and entertainment technologies.
  • Even though the dominant position in consumer electronics has been weakened by Asian rivals, Sony still has sophisticated technology in various areas such ranging from sensors critical to autonomous driving.
  • The Japanese tech giant remains one of the world’s biggest entertainment firms, host to prominent video game and movie franchises. Audio and entertainment systems are a focus for next-generation vehicles.

Shares of Sony Soared 4.2% in Tokyo after the announcement of the electric vehicle plans.  Sony Group Corp. up +3.67%