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Honda Motor Corp (NYSE:HMC) has signed a memorandum of understanding (MoU) with Mitsubishi Corporation (OTC:MSBHF) to scout for new businesses in light of anticipated growth in the electric vehicle (EV) market toward a decarbonized future society.
The business would aim to maximize the value of batteries to be installed in Honda mini-EV models, which are scheduled to begin sales in Japan in 2024.
The new business would also help EV users to optimize their electricity costs by offering access to smart-charging, V2G services and green (renewable) power, leveraging 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 utilised as an energy source," said Toshihiro Mibe, Global CEO of Honda.
Price Action: HMC shares closed higher by 0.77% at $33.81 on Wednesday.
