Japanese OEM Honda and technology firm Mitsubishi have signed a memorandum of understanding to explore the possibility of two new EV joint ventures (JVs).
The first new business would aim to maximise the value of batteries to be installed in Honda mini-EV models that are scheduled to begin sales in Japan in 2024.
“Starting with this initiative with Mitsubishi in the area of mini-EVs in Japan, Honda will strive to maximise the value we offer to our customers and build a foundation for sustainable business from a long-term perspective,” says Honda CEO Toshihiro Mibe.
This business will look to develop a battery monitoring system that could enable them to be repurposed for stationary energy storage after the lifecycle of the EV has been completed.
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The second new business will develop an energy management system allowing Honda EV customers to access smart charging services that automatically adjust the timing of EV charging to avoid peak load periods. It will also aim to provide vehicle-to-grid charging that will allow EVs to provide balancing services for local grids.
“Mitsubishi is aiming to develop its own new business models that balance electrification and decarbonisation, to create new cross-industry services, and otherwise reinventing ourselves in keeping with the times,” says Mitsubishi CEO Katsuya Nakanishi.
Roll-out strategy
Honda plans to invest $40bn into e-mobility development by 2030 and launch 30 new EVs by that date. It plans to produce more than 2mn EVs each year globally by 2030
The firm also aims to introduce ten electric motorcycle models globally by 2025, with annual sales of 3.5mn units by 2030. And it wants to sell only electric or fuel cell vehicles in China by 2035, and globally by 2040.
Last year the firm announced plans with US OEM GM to co-develop a range of affordable EVs by 2027 using shared battery technology, building on plans put in place in 2020 to co-develop two EVs, including Honda’s first all-electric SUV, the Prologue.
Honda will start selling the Prologue in the US next year. In 2025, Honda also aims to launch a mid- to-large EV in the region.
In Japan, Honda plans to launch a light commercial EV in 2024, an EV based on the N-One in 2025, and two compact EVs, including an SUV, in 2026.
Ands in China, Honda plans to launch the e:NS2 and e:NP2 in early 2024, as well as a mass-production unveiled as a concept model at the Shanghai Motor Show earlier this month. It aims to introduce ten EV models by 2027.
Honda will also showcase three new electric concept vehicles at the upcoming Tokyo Auto Show later this month.
Tom is an experienced business writer, specialised in the energy transition
Tom is passionate about Electric Vehicles and how Tesla, BYD, Rivian, Lucid and others are transforming automotive
