The electronics giant has teased its interest in the auto industry during prior appearances at CES but, this time, Chairman, President and CEO Kenichiro Yoshida confirmed that Sony is setting up its own mobility unit. And to give show attendees an idea of what he has in mind, Yoshida pointed to a seven-seat, all-electric sport utility vehicle.
Tesla has led the shift from internal combustion to battery power, selling nearly 1 million of its own electric vehicles last year. Startups like Rivian, Lucid and FiskerBut some non-traditional manufacturers also have shown interest in automotive manufacturing. Apple has been tinkering with the idea, on and off, for much of the past decade. It recently signaled it could be looking to bring out its own battery-electric vehicle by mid-decade.
But Sony has plenty of cash to burn. The company has a market capitalization of nearly $160 billion, and around $31 billion in cash on hand.
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