Canon Focuses On Rival Sony With New Flagship Mirrorless Camera, Priced At $6,299

Author: Benzinga Neuro | July 23, 2024 06:07am

Camera giant Canon Inc. (OTC:CAJFF) has launched its latest flagship camera, the EOS R1, as it looks to take on rival Sony Group Corp. (NYSE:SONY).

What Happened: The EOS R1’s distinguishing feature is its autofocus, which can capture facial expressions even when obstructed.

This feature is powered by an image sensor developed by Canon that transforms light into electrical signals, and an image engine capable of swiftly analyzing large volumes of data, reported Nikkei Asia.

The camera is Canon’s answer to similar models launched by Sony and Nikon Corporation (OTC:NINOY).

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“We focused on reliable performance,” stated Go Tokura, executive vice president and head of Canon’s imaging group. He said that the camera can function even in harsh conditions such as rainy weather.

Canon intends to release the EOS R1 in Japan in November, with a retail price of 1,089,000 yen ($6,926), which is higher than the flagship models of Sony and Nikon.

The company’s strategy is to foster demand in the professional sector. The EOS R1 will retail for $6,299 in the U.S.

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Why It Matters: Since entering the full-frame mirrorless market in 2018, Canon has not released a flagship product in this segment. In contrast, Nikon and Sony introduced their flagship models in 2021, making Canon the last major camera manufacturer to do so.

Last year, Canon led the global mirrorless camera shipments with a 41% share, surpassing Sony, which held second place at 32%, the report noted, citing Techno Systems Research. However, Sony managed to surpass Canon in unit sales in Japan during the same year.

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Photo courtesy: Canon

This story was generated using Benzinga Neuro and edited by Ananya Gairola

Posted In: CAJFF NINOY SONY