Honda & Mitsubishi Corporation to Establish New EV Company, ALTNA

Honda Motor Co., Ltd. and Mitsubishi Corporation have announced plans to establish a new 50/50 joint venture (JV) company, ALTNA Co., Ltd., in July 2024. The two companies have decided to work together to address challenges toward the societal implementation of EVs.

The new JV will combine Honda control and connected technologies for EVs and batteries and Mitsubsihi Corp’s power-generation know-how, which extends to the administration of storage-battery systems and smart-charging operations.

ALTNA’s aim is to offer new mobility services that reduce the total cost of ownership for EV users and create new power-supply operations that enable long-term utilisation of EV batteries.

It will begin sales of lease plans, starting with the Honda N-VAN e:, a new commercial-use mini-EVs Honda is planning to launch in October 2024.

ALTNA will also conduct an electric power business to repurpose end-of-life EV batteries and manage as grid storage batteries.

After the end of automotive use, EV batteries will be recovered and utilised for ALTNA’s grid storage battery business (battery repurposing business).

Toshihiro Mibe, Director, President and Representative Executive Officer of Honda, says: “With an eye toward the future popularization of EVs, Honda is working toward the establishment of a vertically-integrated EV value chain that includes all aspects of EV business, from the procurement of raw materials to the production of finished EVs, as well as the repurposing and recycling of EV batteries. We are very pleased to establish a new company with MC, which has deep knowledge of electric power business and shares our aspiration to realize a decarbonized society. Starting with N-VAN e:, we will take a proactive approach to establish a sustainable business foundation not only for the sales of EVs as mobility products, but also to create an optimal EV business environment including full utilization of batteries, which we believe will be critical for the popularization of EVs.”

Katsuya Nakanishi, Representative Director, President and CEO of Mitsubishi Corporation, adds: “We are pleased to be working with Honda, which boasts outstanding technological capabilities and is committed to the realization of resource circulation. With its business model to integrate mobility, energy, services and data, our new joint venture will take on challenges to introduce a new scheme that separates the ownership of the vehicle and battery of a single EV unit. Working toward the realization of a carbon-neutral society through societal implementation of EVs, we will leverage MC’s broad range of industrial contacts and business expertise and continue to work on the establishment of cross-industrial business models.”

-Auto Futures

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