03:31 PM EDT, 06/13/2024 (MT Newswires) -- Honda Motor ( HMC ) and Mitsubishi on Thursday announced plans to form a joint venture company in July, named ALTNA Co., with equal ownership stakes.

The joint venture is expected to explore new business opportunities and address challenges in the growing electric vehicle market.

Goals include optimizing EV usage costs, enhancing battery lifetime value, and improving resource circulation in Japan. The joint venture will also address the growing need for grid storage batteries to support the rise of renewable energy in Japan's energy mix, the companies said.

ALTNA also aims to provide new mobility services that lower the total cost of ownership for EV users and develop power-supply operations for the long-term use of EV batteries, according to a joint statement.

Financial details weren't disclosed.

Price: 31.94, Change: -0.78, Percent Change: -2.37