The Japanese manufacturer Honda Motor (7267.T) and the trading company Mitsubishi Corp (8058.T) have agreed to investigate potential new markets for EV batteries, the two firms said on Thursday.
The decision was made as automakers worldwide embraced battery-powered electric cars but struggled to address issues, including what would happen to the environment if the batteries ran out.
Honda’s CEO, Toshihiro Mibe, stated that the company “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 agreement, the businesses want to establish a company that entails transferring Honda’s mini-EV model battery to stationary energy storage and monitoring battery consumption. In 2024, Honda will start selling its EV vehicle in Japan.
Additionally, they will work together to develop “smart charging” technology, which automatically modifies the schedule of EV charges for efficiency, and the “Vehicle to Grid” system, which feeds power stored in EVs to the grid.
According to the corporations, the agreement would eventually result in cheaper user power rates and greater battery material utilization. The alliance is working with energy providers to construct a vast network of charging stations and create cutting-edge fast-charging technologies to permit more practical and affordable charging alternatives. This will deal with the worry about range and encourage the use of EVs even more.
The agreement between Honda and Mitsubishi Corp. to improve EV batteries in 2023 can potentially change the landscape of electric vehicles. Electric vehicles will become more widely available and appealing to consumers because of their dedication to sustainability, longer battery life, and cutting-edge technology. We can anticipate a greener and more sustainable future for the automobile industry as it continues to develop and pave the way in the EV business.
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