(RTTNews) - Sony Honda Mobility Inc. (SONY) on Wednesday announced the termination of its development and subsequent launch of AFEELA electric vehicles, including the AFEELA 1 and an additional planned model, as a result of Honda Motor Co., Ltd.'s recent revision of its electrification strategy.
The joint venture, established by Sony Group Corporation and Honda in 2022, indicated that Honda's strategic reevaluation has rendered certain planned technologies and assets unavailable, thus eliminating any feasible pathway to a commercial launch. Customers in California who have reserved the AFEELA 1 will be offered full refunds.
Honda has recently cautioned that it anticipates a writedown of up to 2.5 trillion yen associated with its EV business restructuring. The AFEELA 1 was initially slated for delivery later this year, with a starting price set at $89,900.
SONY is currently trading at $20.60, up $0.03 or 0.15 percent on the New York Stock Exchange.
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