Japanese legacy automakers Honda and Mitsubishi teamed up to establish a new electric vehicle company, potentially enabling them to catch up in the highly competitive market.
Japanese auto giants forge EV battery alliance “Altna”
According to Thomasnet, Honda and Mitsubishi plan to forge a 50/50 joint venture company in July 2024.
The JV, dubbed “Altna Co.,” is apparently under a Memorandum of Understanding the Japanese automakers inked late last year.
“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.”
Toshihiro Mibe, Honda’s Director, President and Representative Executive Officer
Primary objectives
Altnna primarily aims to optimize the usage costs of battery-electric vehicles to deliver more affordable models to the market.
It also aims to extend battery life cycles to improve resource circulation within Japan and fulfill future energy demands on electric grids through grid storage batteries.
It seeks to tap into Honda’s electric vehicle know-how and Mitsubishi’s experience in the power sector.
“By combining Honda control and connected technologies for EVs and batteries and MC power-generation know-how, which extends to the administration of storage-battery systems and smart-charging operations, ALTNA will strive 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 utilization of EV batteries.”
Mitsubishi and Honda indicated in a joint press release
Upcoming businesses under Altna
Altna plans to launch three key businesses to establish a circular economy for electric vehicle batteries, including battery leasing, battery recycling, and smart charging.
Altna plans to operate a battery leasing business, starting with Honda’s introduction of a new compact electric vehicle in Japan in late 2024. The JV will maintain ownership of the EV battery during the lease and track its performance.
It will also repurpose electric vehicle batteries at the end of their lifecycle. As part of a circular production process, it plans to turn these expired batteries into grid storage before recycling them.
The JV also aims to develop EV charging technologies to diminish recharging activities during times of high power demand.
The JV is part of Honda’s efforts to create a vertically integrated EV supply chain that will cover “all aspects” of the EV industry, starting with raw materials through car assembly and battery recycling.
Overall, Altna aims to develop innovative solutions to maximize the life cycle of limited resources and renewable energy usage efficiency to protect the environment amid unstoppable technological breakthroughs.
