Sony Honda Mobility cancels EV development, to refund early buyers

TOKYO, March 25 (Reuters) - Sony Honda Mobility, the joint venture between Japanese electronics giant Sony 6758.T and carmaker Honda 7267.T, said on Wednesday it would discontinue the development of the Afeela electric vehicles.

Given Honda's overhaul of its EV business announced earlier this month, Sony Honda "does not have a viable path forward to bring the (EV) models to market as originally planned", the joint venture said in a statement.

Sony Honda will issue full refunds to those who have made reservations for what was to be its first model, the Afeela 1, in California, it added.