Honda & Mitsubishi to Explore Creating New Businesses to Improve Value for EV Owners

Honda Motor Co., Ltd. (Honda) and Mitsubishi Corporation (MC) have signed a memorandum of understanding (MoU) to 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 improve value to EV owners.

This 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.

By employing a 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.

This new business would also help EV users to optimise their electricity costs by offering access to vehicle-to-grid (V2G) services and green power which leverages advanced control technologies for the energy management system.

Toshihiro Mibe, Global CEO of Honda, says: “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.”

Katsuya Nakanishi, President & CEO Mitsubishi Corporation, adds: “We understand that the convergence of different sectors such as mobility, energy, services and data is an irreversible trend. Examples can be seen all over the world, as companies seek to go carbon neutral, and new business models like MaaS and CASE (in the automobile industry) pick up stream. MC is aiming to develop its own new business models that balance electrification and decarbonization, to create new cross-industry services, and otherwise reinventing ourselves in keeping with the times.”

Honda produces and sells mobility products including motorcycles, automobiles and power products.