Honda and Mitsubishi to Explore New Businesses in EV Age

Honda Motor and Mitsubishi Corporation (MC) will begin discussions toward the creation of new businesses with an aim of leveraging the strengths of both companies to build sustainable business models in light of anticipated growth in the electric vehicle (EV) market. The two companies will explore the possibility of new businesses with a goal to increase the value offered to customers through their EV and EV battery businesses.

Battery Lifetime Management Business. This new business would aim to maximize the value of batteries to be installed in Honda mini-EV models that are scheduled to begin sales in Japan in 2024. By employing a sophisticated battery-monitoring system, the new business would manage and maximize the value of each battery throughout its lifetime shifting from powering EVs to use as stationary energy storage.

Smart-charging and V2G Energy Management Business. This new business would help EV users to optimize their electricity costs by offering access to smart-charging, Vehicle to Grid (V2G) services and green (renewable) power which leverages advanced control technologies for the energy management system.

Preparing for the era of full-fledged popularization of EVs, Honda will not only sell EVs, but take a proactive approach to energy management, where EV batteries will be utilized as an energy source, and we are also focusing on resource circulation, including the reuse and repurposing of EV batteries, which contain various rare resources. Starting with this initiative with MC in the area of mini-EVs in Japan, Honda will strive to maximize the value we offer to our customers and build a foundation for sustainable business from a long-term perspective, while working with a variety of partners and accommodating the unique market characteristics of each region.

 

—Toshihiro Mibe, Global CEO of Honda