Sony-Honda joint venture collapses; Afeela EV plans scrapped as Honda overhauls strategy
The joint venture between Sony and Honda has collapsed, resulting in the cancellation of Afeela electric vehicle plans. Honda's decision to scale back its EV plans due to weaker demand in Europe has led to the discontinuation of the project.
Sony and Honda's joint venture has ended due to Honda's decision to reduce its electric vehicle plans. The Afeela EV project, a collaboration between the two companies, has been scrapped. Honda cited weaker demand in Europe as the reason for scaling back its EV plans. The company will take a write-down of up to 2.5 trillion yen, resulting in its first annual loss in almost 70 years. Customers who reserved the Afeela 1 in California will receive full refunds. The venture's discontinuation will not impact the financial forecasts of either Sony or Honda.
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