Sony (SONY) and Honda Motor's (HMC) 50-50 joint venture has decided to explore other opportunities to make the venture work after canceling plans for their proposed co-developed electric vehicle, Nikkei Asia reported Friday.

The two companies are discussing non-EV products and services as alternatives and expect other uses for their EV technologies, the report said.

Sony-Honda Mobility may still introduce a passenger car to market, but this would be a challenge amid advances in autonomous driving and technologies by carmakers in US and China, according to the media outlet.

Sony and Honda did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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