Honda (HMC) & Mitsubishi Form JV to Create Budget BEV Brand

Core Insights - Honda and Mitsubishi are forming a 50/50 joint venture named ALTNA Co., Ltd. to advance electric vehicle (EV) implementation and decarbonization, set to launch in July 2024 [3] - ALTNA will focus on battery leasing, repurposing, and intelligent charging to reduce EV ownership costs and enhance power-supply operations for long-term battery use [1][4] - Honda is also collaborating with Emporia to innovate in-home energy management, aiming for carbon neutrality by 2050 through smart EV charging solutions [5] Joint Venture Details - ALTNA will combine Honda's EV and battery technologies with Mitsubishi's power-generation expertise [1] - The joint venture will begin its battery leasing business with the Honda N-VAN EV, ensuring long-term use and repurposing of batteries for grid storage [4] - Seiichi Fukui will serve as the representative director, president, and chief executive of ALTNA [1] Product Specifications - The new battery electric vehicle (BEV) version of the Honda N-VAN is set to launch in October 2024, featuring a range of 152 miles per charge and various charging options [2][9] - The BEV will include Honda's battery cooling and heating system to mitigate performance degradation and will cater to both commercial and private needs [2] Sustainability Initiatives - ALTNA plans to repurpose end-of-life EV batteries for grid stability and renewable energy utilization, ensuring resource efficiency through recycling [10] - The smart charging plans will optimize electricity costs by avoiding peak hours and leveraging surplus renewable energy, with potential vehicle-to-grid (V2G) services in the future [10] Comprehensive EV Strategy - Honda is developing a comprehensive EV value chain that encompasses raw material procurement, EV production, and battery repurposing and recycling [8]