EV Engineering News

Honda and Mitsubishi form EV joint venture

Japanese automotive manufacturers Honda Motor and Mitsubishi have announced plans to establish a new 50/50 joint venture (JV) company called ALTNA in July 2024.

The new JV is based on an agreement the two companies signed in October 2023 to collaborate on new EV businesses.

ALTNA will combine Honda’s control and connected technologies for EVs and batteries and Mitsubishi’s power-generation knowledge, which includes battery storage systems and smart charging operations.

The company will operate three lines of business—battery leasing, battery repurposing and smart charging.

ALTNA will work with Honda and Mitsubishi’s leasing businesses to sell lease plans for EVs starting with the Honda N-VAN e:, a new commercial mini-EV that Honda is planning to launch in October 2024. When a customer leases a vehicle, ALTNA will retain ownership of the battery and monitor usage during the lease period. The company will then recover end-of-life EV batteries based on data obtained through the long-term monitoring. After the end of their automotive use, the batteries will be used for ALTNA’s grid storage battery business.

ALTNA also will offer EV charging plans that optimize electricity costs for EV users by using energy-control technologies to avoid charging EVs during peak demand hours and automatically charge when electricity prices are lowest. The company will also look to offer vehicle-to-grid (V2G) services with a view to opening the electricity market in the future.

“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,” said Toshihiro Mibe, Director, President and Representative Executive Officer of Honda. “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.”

Source: Honda

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