Honda Motor and Japanese trading house Mitsubishi Corporation will join forces to explore new business opportunities in the electric vehicle (EV) battery segment, according to local reports.
The news came shortly after Toyota announced an alliance with Japanese energy group Idemitsu Kosan to develop solid state batteries for EVs.
Honda and Mitsubishi are eyeing opportunities to use batteries as an energy source at the end of their EV lifecycle and also opportunities in smart charging which optimises energy storage by recharging during low grid demand times. Households stand to benefit by consuming more, cheaper off peak energy.
Honda CEO Toshihiro Mibe said in a statement “We will not only sell EVs but take a proactive approach to energy management where EV batteries will be used as an energy source.”
The two companies have agreed to set up an operation to monitor the use of batteries in a forthcoming Honda mini-EV model with a view to transferring their use to stationary energy storage systems (ESS).
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData