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Sony Considers Selling Electric Cars, Unveils SUV Prototype

The proposed Sony SUV has seven seats and all-wheel drive. This spring Sony plans to create an EV business named Sony Mobility.
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Sony  (SONY) - Get Sony Group Corporation Sponsored ADR Report said Wednesday that it’s thinking of joining the electric-vehicle market, and the Japanese electronics titan unveiled an electric sports utility vehicle prototype.

This spring Sony plans to create an EV business named Sony Mobility. The news came at the CES technology show in Las Vegas.

Two years ago at the show, Sony showed a prototype sedan. But then the emphasis was on its sensors, rather than production of a car. Now Sony appears as if it'll sell its own cars.

The prototype vehicle has seven seats and all-wheel drive. “By offering entertainment experiences utilizing the large interior space and variations of a 7-seater, this new prototype will … promote the accommodation of a large variety of lifestyles within a society where values are becoming increasingly diversified,” Sony said.

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It said it’s forming the Sony Mobility company to “further accelerate and make new proposals that further evolve the mobility experience.” And through the unit it “intends to explore entry into the EV market.”

Sony has lofty goals for the new company. Sony Mobility “will aim to make the best use of [artificial intelligence] and robotics technologies, help realize a world where everyone can live in harmony with robots on a daily basis, fill people with emotion, and contribute to society,” Sony said.

The company’s stock recently traded at $133.88, up 4%. 

Morningstar analyst Kazunori Ito puts fair value at $133 and assigns the company no moat.

“Sony’s profitability on electronics has been unstable over the years, while Pictures, Music, and financial services have been generating solid results,” he wrote in a commentary last month.

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