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Sony Group Corporation (SONY) Stock Rises After Announcing Entry into the Electric Vehicle Market

Wednesday, January 05, 2022 11:25 AM | Kyle Depontes

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Sony Group Corporation (SONY) Stock Rises After Announcing Entry into the Electric Vehicle Market

What is going on with SONY?

Sony Group Corporation (SONY) stock is higher today after the global electronics conglomerate made a number of major announcements at the Consumer Electronics Show (CES) held in Las Vegas in January.

Among these was its announcement that it has built an electric vehicle prototype called VISION-S.

Sony has already started public road testing in Europe as of December and has started verification tests of the safety and user experience of the imaging and sensing technology installed inside and outside the vehicle, as well as the human-machine interface (HMI) system.

Shares of SONY increased 2.24% to $131.44 as of Wednesday at 11:06 am.

What does this mean for Sony Group Corporation?

Although Sony began 5G driving tests in April 2021, it believes that greater focus will be necessary to gain a foothold in the emerging electric vehicle market.

As a result, and "in order to further accelerate and make new proposals that further evolve the mobility experience," Sony will establish an operating company "Sony Mobility Inc." in the spring of 2022, through which the company intends to explore entry into the EV market.

The new company will aim to "make the best use of AI and robotics technologies," as well as implement Time-of-Flight (ToF) sensors are used to provide monitoring functions for driver authentication and to watch over passengers.

Sony also announced an SUV-type prototype vehicle (VISION-S 02) as a new form factor. This vehicle uses the same EV/cloud platform as the prototype (VISION-S 01), which is being tested on public roads.

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