Honda, Mitsubishi Enter Joint Venture - Altna, Battery-Lease Business

Jun 18, 2024 12:35 AM EDT

(Photo : AI IMAGE/DABBIE DAVIS)

Honda and Mitsubishi enter a groundbreaking partnership. This joint venture gives birth to Altna. Battery-lease plans intended for electric mini vehicles serve as its primary focus.

Honda and Mitsubishi Creates Altna

Honda and Mitsubishi joined hands to keep up with the dynamic market. The partnership produces Altna focusing initially on electric mini vehicles' battery. The battery-lease business is one way to optimize EV usage costs.

As Autoweek reported, Honda's expansion into the realm of electric vehicles prompts considerations for the future lifecycle of EV batteries, including replacement and repurposing strategies.

In a strategic move, Honda has partnered with Mitsubishi Corp. to establish Altna Co. Ltd., a 50/50 joint venture dedicated to addressing challenges in Japan's decarbonized landscape related to the battery value chain, energy storage solutions, and electric vehicle ownership expenses.

Highlighted by Green Car Reports, this exclusive venture currently unfolds within Japan's borders. By merging Honda's electric vehicle innovations and connectivity features with Mitsubishi's proficiency in power generation, the collaboration targets cost efficiency in EV operation, enhancement of battery longevity, and fulfillment of rising demands for grid-scale storage batteries.

Introducing the strategy through the Honda N-VAN e, a compact commercial vehicle released in Japan, sets the stage for advancing sustainable mobility at an accessible price point, reminiscent of models like the Nissan Sakura electric minicar previously reviewed by Green Car Reports.

Battery -Lease Business, EV Battery Charging Plans

Honda and Mitsubishi joint venture will oversee an EV battery-leasing business in Japan, marking the debut of the Honda N-VAN e: as the inaugural electric vehicle participant in this initiative. Altna's vision extends to providing innovative home EV charging solutions featuring sophisticated energy-management systems, enabling automated off-peak recharging for EVs.

Moreover, the company aims to pioneer vehicle-to-grid (V2G) systems and renewable energy-powered EV charging services during surplus hours, aligning with sustainable practices.

The management of the vehicle's battery leases revolves around the concept that once they reach the end of their lifespan for vehicle applications.

Honda, in a statement released alongside the announcement, mentioned that Altna would establish lease rates considering prolonged battery utilization across both mobile and stationary settings, aiming to alleviate the financial strain on electric vehicle users.

JustAuto reported statements from Toshihiro Mibe, Honda's Director, President, and Representative Executive Officer, emphasizing Honda's strategic focus on developing a comprehensive EV value chain to support the future adoption of electric vehicles.

Mibe highlighted the importance of collaborating with Mitsubishi Corp., leveraging their expertise in the electric power sector to advance towards a decarbonized society. The joint efforts aim to establish a sustainable business framework encompassing all facets of the EV ecosystem, starting with initiatives like the N-VAN e: and extending to battery optimization critical for widespread EV acceptance.

According to JustAuto's report, ALTNA will maintain ownership of the battery when a vehicle is leased to a customer, enabling comprehensive monitoring of battery usage throughout the lease term.

The ongoing monitoring of battery performance, coupled with predictive analysis of potential degradation, will bolster the battery's reliability by assessing key metrics such as the state of health of the battery.

Collaborating with Honda and Mitsubishi Corp.'s affiliated leasing entities, ALTNA is poised to introduce lease offerings, commencing with the forthcoming debut of the Honda N-VAN e: a series of new commercial-oriented mini electric vehicles set for release in October 2024.