Honda Motor (China) Investment Co Ltd, has announced to form joint venture with Neusoft Reach Automotive Technology (Shanghai) Ltd. Both companies involved in the transaction are based in China.

The new joint venture company will be known as Hynex Mobility Service Co., Ltd. (Hynex Mobility Service) with headquarters in Dalian, Liaoning Province, China. Hynex Mobility Service is scheduled to begin operations on July 1, 2020.

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As part of transaction, Honda Motor (China) Investment holds 51% stake and Neusoft Reach holds 49% stake in Hynex Mobility.

Honda Motor (China) is a wholly-owned subsidiary of Honda Motor Company and Neusoft Reach is a hi-tech company specializing in electric vehicles, intelligent connectivity, automated driving and car sharing services, providing platforms and core technologies for the next generation of vehicles.

Animesh Kumar, Director of Automotive Consulting at GlobalData, said: "Honda has been quite ambitious about the next-gen mobility solutions and has paced up developments in the fields of electric vehicles, shared mobility and connected vehicles with key OEMs and tech giants. China is a key market for Honda, accounting for majority of its vehicle sales volume. Honda is the second most sold brand in China after Volkswagen. The company's partnership with the local tech giant indicates its commitment to the market and will help Honda to strengthen its position across four key pillars of next-gen mobility i.e., connected, autonomous, shared and electric. The establishment of the venture is a right move in the direction to achieve Honda's 'Vision 2030' that emphasises on development of technologies for mobility products.

"Hynex Mobility Service is an extention to the already existing partnership between Honda and Neusoft. Both the companies partnered in 2017 for the development of a 'China-only electric vehicle' and later expanded their partnership for car sharing business in China. Honda holds 10% stake in Neusoft's car sharing business 'Reachstar'.

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"Neusoft is a key local companion to Honda which will help it to offer new value through connected services in China. Hynex Mobility Service will develop services and technologies leveraging the individual expertise and resources of both companies. Apart from strengthening the existing connected platform Honda CONNECT, Hynex will enable Honda to develop related technologies and services through the utilization of Neusoft's artificial intelligence (AI) and big data analysis to achieve its next-gen mobility ambitions."