According to media reports, two leading Japanese automakers, Honda and Mitsubishi, have announced plans to establish a new electric vehicle battery company with equal ownership. As early as the end of 2023, the two companies signed a memorandum of understanding to jointly explore new business opportunities in the electric vehicle era.
The new joint venture, named Altna Co., is expected to officially begin operations in July. This new company aims to leverage Honda's expertise in electric vehicles and Mitsubishi's experience in the power industry to optimize the usage cost of electric vehicles, increase the average lifespan of electric vehicle batteries, and meet new demands of the power grid.
Altna plans to set up a battery leasing department when Honda launches a new compact electric vehicle in the Japanese market later this year. Under the agreement signed by Honda and Mitsubishi, Altna will retain ownership of the vehicle batteries during the lease period and manage their performance.
At the same time, Altna will also focus on another business area. The company will repurpose electric vehicle batteries after their initial lifespan ends. Scrapped batteries will first be converted for broader grid storage use and then recycled as part of a circular production process. Additionally, Altna intends to develop electric vehicle charging plans to avoid charging vehicles during peak power demand times.
Moreover, Honda stated that the company will continue to commit to a vertically integrated electric vehicle supply chain. This supply chain includes "every aspect" of the electric vehicle industry, from raw materials to vehicle assembly and battery recycling.
