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Honda & Mitsubishi Form JV to Create Budget BEV Brand

Honda Motor Co., Ltd. (NYSE: HMC) and Mitsubishi Corporation (OTC: MTSUY) are set to form a 50/50 joint venture (JV), ALTNA Co., Ltd., in July 2024. The JV is aimed at advancing EV implementation and decarbonization. Combining Honda's EV and battery technologies with Mitsubishi's power-generation expertise, ALTNA will offer mobility services to reduce EV ownership costs and develop power-supply operations for long-term battery use. ALTNA will handle battery leasing, repurposing and intelligent charging. Seiichi Fukui will become the representative director, president and chief executive of ALTNA. Per Toshiro Mibe, president of Honda, the company is developing a comprehensive EV value chain encompassing everything from raw material procurement to EV production and battery repurposing and recycling. The new battery electric vehicle (BEV) version of the N-VAN, which is scheduled to launch in October 2024, will offer a spacious cargo area with a flat, low floor, high ceiling and a large passenger-side opening due to the absence of a center pillar. It serves as a remote power source and ...