Honda and Mitsubishi are working together together to make EV ownership more feasible in Japan.
Honda Motor Co. and Mitsubishi Corporation are joining forces to establish a new joint venture called ALTNA Co., Ltd. Launching in July 2024, this 50/50 JV aims to tackle key challenges around electric vehicle (EV) adoption and a decarbonized society. This news is related to the launch of Honda’s N-Van e:.
ALTNA’s core businesses revolve around optimizing EV ownership costs, enhancing battery life cycles, and leveraging batteries for grid energy storage as renewable energy usage grows.
Battery Leasing for Lower EV Costs
A highlight is ALTNA’s planned battery leasing service for EVs like Honda’s upcoming N-VAN e: commercial mini EV. Instead of owning the battery, customers can lease it from ALTNA at lower costs than traditional financing.
ALTNA retains battery ownership and monitors health, enabling repurposing for grid storage after automotive use. This extended battery life cycle allows for more affordable leasing prices.
Two initial leasing options are:
N-VAN e: Value Plan – A closed-end lease offering lower rates by factoring in future battery repurposing revenue. Exclusive to Honda’s online store from October 2024.
N-VAN e: Circular Lease Plan – A low-cost corporate lease partnering with Mitsubishi Auto Leasing Corporation’s EV consultation program for fleet electrification support.
Battery Repurposing and Smart Charging
After automotive use, ALTNA recovers EV batteries based on monitoring data and redeploys them as grid storage units. This stabilizes grids and enables more renewable energy utilization.
ALTNA ensures proper recycling after grid storage battery end-of-life, realizing a circular manufacturing process.
The company also plans smart EV charging plans that automatically charge when electricity rates are lowest, reducing costs for owners while favoring renewable energy availability.
Future V2G Services
As electricity markets evolve, ALTNA aims to offer vehicle-to-grid (V2G) services that leverage EV batteries as distributed energy storage for the grid.
The ALTNA joint venture combines Honda’s EV/battery expertise and Mitsubishi’s energy management capabilities to create sustainable mobility solutions addressing decarbonization and resource efficiency.
