Joint venture targets EVs

Honda and Mitsubishi Corporation have announced plans to establish a 50-50 joint venture company called ALTNA next month.

The collaboration is based on a memorandum of understanding the two companies signed in October 2023 to begin discussions towards creating new businesses in light of anticipated growth in the electric vehicle (EV) market.

They have decided to establish a joint venture company and work together to address challenges around implementing EVs and the shift to a decarbonised society.

A major aim is to optimise EV usage cost in three main ways. One is enhancing the lifetime value of batteries, which contain various limited resources.

Improving resource circulation in Japan is another. The third is accommodating the increasing demand for adjustment capacities through grid-storage batteries toward an increase in the proportion of renewable energy in the domestic market.

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