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Sony to establish new electric vehicle company By Reuters

© Reuters. FILE PHOTO: Sony Corp’s logo is seen at its news conference in Tokyo, Japan November 1, 2017. REUTERS/Kim Kyung-Hoon

(Reuters) – Japan’s Sony (NYSE:) Group will establish a new company for electric vehicles this spring, its chairman said, becoming the latest tech company to beef up its ambitions in the fast-growing market.

Sony’s chairman and president, Kenichiro Yoshida, made the comment at the CES technology conference in the United States that was streamed online.

He said that it would launch the new company, Sony Mobility Inc., in the spring of 2022, through which it intends to explore entry into the electric vehicle market.

Sony has already announced a prototype vehicle that is being tested on public roads.

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