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Honda and Mitsubishi Corp sign pact to optimise use of EV batteries

Photo: Honda's electric vehicle

The trading business Mitsubishi Corp (8058.T) and the Japanese manufacturer Honda Motor (7267.T) have decided to look into possible new markets for EV batteries, the two companies said on Thursday.

The choice was made as automakers worldwide adopted electric vehicles powered by batteries but struggled to handle challenges, such as what would happen to the environment if the batteries ran out.

Toshihiro Mibe, CEO of Honda, declared that the firm “will not only sell EVs but take a proactive approach to energy management, where EV batteries will be used as an energy source.” According to their memorandum of understanding, the companies want to form a firm responsible for monitoring battery use and transitioning Honda’s mini-EV model battery to stationary energy storage. Honda will begin selling its electric car in Japan in 2024.

They will also collaborate to create “smart charging” technology, which automatically adjusts EV charge schedules for efficiency, and the “Vehicle to Grid” system, which transfers electricity stored in EVs to the grid. The firms said the deal will lower user power rates and better battery material use. The alliance is collaborating with energy providers to build a broad network of charging stations and develop cutting-edge fast-charging technology to provide more useful and economical charging options. This will decrease range anxiety and promote the usage of EVs even more.

The partnership between Honda and Mitsubishi Corp. to enhance EV batteries in 2023 can potentially alter the electric car market. Electric vehicles will become more widely available and appealing to customers because of their commitment to sustainability, better battery life, and cutting-edge technology. As the auto industry develops and paves the way for the EV market, we may predict a greener and more sustainable future for the sector.

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