Honda, Mitsubishi put up new JV brand

MANILA: Honda Motor Company and Mitsubishi Corporation are set to establish a new joint venture firm that is expected to address challenges surrounding the electric vehicle (EV) market.

The collaboration led to the creation of ALTNA Company, which is the result of the memorandum of understanding that the two firms signed in October last year.

Per the Japanese brands, the co-operation between the aforementioned companies is designed to address the challenges toward the societal implementation of EV and the realization of decarbonized society such as:

• Optimization of the EV usage cost;
• Enhancement of the lifetime value of batteries, which contain various limited resources, and improvement of resource circulation within Japan; and
• Accommodation of the increasing demand for adjustment capacities through grid storage batteries toward an increase in the proportion of renewable energy in the energy mix in Japan.

“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,” the two said in a joint statement.

Further two companies said that business (which will commence operations next month) shall revolve around battery leasing, battery repurposing, and smart charging.

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

Mitsubishi Corporation Representative Director, President and Chief Executive Officer (CEO) Katsuya Nakanishi also expressed elation over the creation of the Chiyoda-headquartered venture.

“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.”

For his part, ALTNA Representative Director, President and CEO Seiichi Fukui noted that the company will be established “with a mission to create solutions that maximize the lifetime value of limited resources and the efficiency of renewable energy utilization” to enable people and the global environment to coexist for generations to come.

“Together with various partners, we will provide alternative options for a new future.”

Among the directors of the newly-formed ALTNA is former Honda Cars Philippines Incorporated president Noriyuki Takakura.

Photos from Mitsubishi, Honda

Also read:

Honda unveils new EV line

Mitsubishi establishes new EV-related service company