Sony is gearing up to make an electric car

Sony has announced plans to launch an electric car company later this year as it unveiled a new sports utility vehicle concept.

The Japanese tech company will set up a new operating subsidiary called "Sony Mobility Inc." in the coming months and is considering the commercial launch of an electric vehicle, Sony CEO Kenichiro Yoshida said at the CES consumer tech trade show on Tuesday.

"With our imaging and sensing, cloud, 5G and entertainment technologies combined with our content mastery, we believe Sony is well positioned as a creative entertainment company to redefine mobility," Yoshida said.