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business Saturday 5 March 2022
Japan's Honda, Sony joining forces on new electric vehicle

By YURI KAGEYAMA is worthless, learn to work
AP Business Writer with your hands, or work
TOKYO (AP) — Two big for yourself and not a com-
names in Japanese elec- pany.
tronics and autos are join- Sony was founded by Akio
ing forces to produce an Morita, who co-wrote "The
electric vehicle together. Japan That Can Say No,"
Sony Group Corp. and which advocated for a
Honda Motor Co. agreed more assertive and prouder
to set up a joint venture this Japan, and Masaru Ibuka.
year to start selling an elec- Morita had market savvy
tric vehicle by 2025, both while Ibuka was known for
sides said Friday. product development. In
The plan is to bring to- the 1970s when Sony was
gether Honda's expertise developing the Walkman
in mobility development, portable audio player,
technology and sales with some engineers were skep-
Sony's imaging, telecom- tical.
munication, network and Sony Group Corp.'s Chief Executive Kenichiro Yoshida, left, and Honda Motor Co.'s Chief Execu- But Morita insisted people
entertainment expertise. tive Toshihiro Mibe, right, shake hands at a press conference in Tokyo Friday, March 4, 2022. would want to listen to mu-
A union of traditionally dif- Associated Press sic on-the-go.
ferent manufacturing busi- "Although Sony and Honda
nesses is uncommon for which makes the PlaySta- within the category of au- Shares in both compa- are companies that share
Japan. But it makes sense tion video-game console tos, it's hard to think outside nies fell Friday, with Honda many historical and cultur-
in the age of electric ve- and owns movie and music that box," Mibe told re- down 4.5% and Sony losing al similarities, our areas of
hicles, which lack gaso- businesses, will develop the porters, while stressing that 3.2%. technological expertise are
line-powered engines and mobility services platform. Honda will continue with its Both Sony and Honda have very different," Mibe said.
have complicated elec- Honda makes the CR-V own EV program. humble beginnings in the "I believe this alliance
tronics. sport utility vehicle and Sony showed an electric 1940s when Japan was which brings together the
All the world's automak- Clarity plug-in hybrid and car concept at the CES rebuilding from the ashes strengths of our two com-
ers have been develop- already has its own electric gadget show in Las Vegas of World War II. Both had panies offers great possibili-
ing zero-emissions elec- vehicle program, teaming two years ago. It has been charismatic founders. ties for the future of mobil-
tric vehicles, as concerns up with General Motors to eager to find an auto part- Honda was founded by ity."
grow about pollution and share platforms for EVs in ner, said Sony Group Chief Soichiro Honda, an engi- Sony Group Chief Execu-
climate change. But they North America. Executive Kenichiro Yoshi- neer, industrialist and re- tive Kenichiro Yoshida said
face tough competition The joint venture with Sony da. puted nonconformist. He Ibuka respected and had
from relative newcomers will be separate, meant to The two executives, ap- started out helping at his learned a lot from Honda.
like Tesla. produce unexpected val- pearing together at a hast- father's bicycle repair shop "Commitment at the top is
The joint venture will devel- ue "in a chemical reaction," ily called news conference and eventually built Honda important," said Yoshida.
op and design the product, said Honda Chief Executive in Tokyo, did not rule out into a global powerhouse. "We are committed to
but will use Honda's plant Toshihiro Mibe. a future stock listing of the He is often quoted as say- taking up this challenge
for manufacturing. Sony, "We're so used to thinking joint venture. ing things like: A diploma together."q

Report: American whiskey exports starting to rebound

By BRUCE SCHREINER the industry's biggest over- tariff in another key market
Associated Press seas market. The EU im- — the United Kingdom —
LOUISVILLE, Ky. (AP) — posed a retaliatory tariff on which continues to curtail
American whiskey exports, those spirits in mid-2018 in growth, Maron said.
battered by tariffs and the response to then-President Several factors led to last
COVID-19 pandemic, start- Donald Trump's decision year's rebound, including
ed rebounding in 2021, but to slap tariffs on European the reopening of the hos-
distillers have more ground steel and aluminum. A deal pitality sector as COVID-19
to make up to fully recover, was reached in late 2021 restrictions eased, consum-
an industry group said. to suspend those tariffs on ers choosing more pre-
Exports of bourbon, Tennes- American spirits. mium and super-premium
see whiskey and rye whis- "U.S. spirits exports are be- American spirits and the lift-
key reached $975 million ginning to bounce back ing of tariffs by key trading
in 2021, up 15% from the and that's definitely a posi- partners, the report said.
prior year, according to a tive sign, but the value of But distillers face head-
report issued by the Distilled 2021 exports remains far winds in redeveloping Euro- Shelves display bottles of bourbons for sale at a Pennsylvania
Spirits Council of the United below levels achieved be- pean sales, including sup- fine wine and spirits store, Saturday, Jan. 22, 2022, in Harmony,
States. Last year's total was fore the 2018 retaliatory tar- ply-chain problems, said Pa.
still down 18% from the re- iffs kicked in," Rob Maron, Amir Peay, owner of the Associated Press
cord high exports — about the council's vice president Lexington, Kentucky-based
$1.2 billion in 2018. of international trade, said James E. Pepper Distillery. ter direction," Peay said in a of rebuilding what we lost.
American whiskey distillers Thursday. For an industry that requires phone interview Friday. "But It's just impossible from the
got caught up in a trans- But as American whiskey patience in crafting its it's just unrealistic to think situation we're in right now."
Atlantic trade fight, caus- producers work to regrow products, it will take time to that we can flick a light His distillery's signature bour-
ing deep drops in exports EU market share, the sec- build back market share. switch and just immediately bon and rye brand is James
to the European Union — tor still faces a retaliatory "The wind is in a much bet- go back to a realistic pace E. Pepper 1776.q