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- Jun 15, 2024
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Honda and Mitsubishi Establish ALTNA Co Ltd for EV Business
TOKYO, Japan, June 13, 2024 – Honda Motor Co., Ltd. (Honda) and Mitsubishi Corporation (MC) have announced plans to create a new 50/50 joint venture (JV) company called ALTNA Co., Ltd. The establishment of ALTNA is based on a memorandum of understanding (MoU) signed by the two companies in October 2023. The goal is to address challenges related to the growing EV market and the transition toward a decarbonized society.
Key Objectives of ALTNA:
1. Optimization of EV Usage Cost:
- ALTNA aims to reduce the total cost of ownership for EV users by offering innovative mobility services.
- By combining Honda's control and connected technologies for EVs and batteries with MC's power-generation expertise, ALTNA will enhance the overall value proposition for EV owners.
2. Battery Leasing Business:
- ALTNA will collaborate with affiliated leasing companies of Honda and MC to offer battery lease plans.
- The initial focus will be on the Honda N-VAN e:, a new commercial-use mini-EV set to launch in October 2024.
- During the lease period, ALTNA will retain ownership of the battery and monitor its usage, ensuring reliability.
- After automotive use, batteries will be repurposed for ALTNA's grid storage battery business.
3. Grid Storage Batteries and Renewable Energy:
- ALTNA will accommodate the increasing demand for adjustment capacities through grid storage batteries.
- This supports the goal of increasing the proportion of renewable energy in Japan's energy mix.
Long-Term Vision:
- ALTNA aims to create sustainable solutions that contribute to a cleaner, more efficient future.
- By leveraging Honda's EV technology and MC's expertise, the joint venture will play a crucial role in advancing the adoption of electric mobility.