TOKYO, Japan, June 13, 2024 – Honda Motor Co., Ltd. (Honda) and Mitsubishi Corporation (MC) have announced plans to create a new 50/50 joint venture (JV) company called ALTNA Co., Ltd. The establishment of ALTNA is based on a memorandum of understanding (MoU) signed by the two companies in October 2023. The goal is to address challenges related to the growing EV market and the transition toward a decarbonized society.

 Key Objectives of ALTNA:

1. Optimization of EV Usage Cost:

   - ALTNA aims to reduce the total cost of ownership for EV users by offering innovative mobility services.

   - By combining Honda's control and connected technologies for EVs and batteries with MC's power-generation expertise, ALTNA will enhance the overall value proposition for EV owners.

2. Battery Leasing Business:

   - ALTNA will collaborate with affiliated leasing companies of Honda and MC to offer battery lease plans.

   - The initial focus will be on the Honda N-VAN e:, a new commercial-use mini-EV set to launch in October 2024.

   - During the lease period, ALTNA will retain ownership of the battery and monitor its usage, ensuring reliability.

   - After automotive use, batteries will be repurposed for ALTNA's grid storage battery business.

3. Grid Storage Batteries and Renewable Energy:

   - ALTNA will accommodate the increasing demand for adjustment capacities through grid storage batteries.

   - This supports the goal of increasing the proportion of renewable energy in Japan's energy mix.

 Long-Term Vision:

- ALTNA aims to create sustainable solutions that contribute to a cleaner, more efficient future.

- By leveraging Honda's EV technology and MC's expertise, the joint venture will play a crucial role in advancing the adoption of electric mobility.