Honda-Mitsubishi-EV-businesses-MOU

The two Japanese automakers signed an agreement to look into battery lifetime management and smart charging businesses.

Honda Motor Co., Ltd. and Mitsubishi Corporation announced in a news release the signing of a memorandum of understanding (MoU) to begin discussions to start two new businesses to support the growing EV segment. 

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 business.

Battery Lifetime Management Business

This new business would aim to maximize the value of batteries to be installed in Honda mini-EV models, 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 optimize their electricity costs by offering access to smart-charging, 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," said Toshihiro Mibe, global CEO of Honda. "Starting with this initiative with Mitsubishi 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.”

“We understand that the convergence of different sectors such as mobility, energy, services and data is an irreversible trend," said Katsuya Nakanishi, president and CEO of Mitsubishi Corporation. "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. Mitsubishi 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.”

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