TSMC (TSM.US) and Sony (SONY.US) have finalized a joint venture agreement worth $4.7 billion, aiming to mass produce the next generation of image sensors by 2029.

According to the Zhitong Finance APP, on Tuesday, TSMC (TSM.US) and Sony Group (SONY.US) officially announced that they have signed a legally binding final agreement to jointly invest approximately $4.69 billion to establish a joint venture named "Advanced Vision Semiconductor Manufacturing Corp" in Kshi City, Kumamoto Prefecture, Japan. The joint venture will focus on the development and production of the next-generation smartphone image sensors, with a goal of achieving mass production by 2029.