The electric vehicle (EV) market is gathering significant momentum and Honda is trying to hop on the bandwagon. The Japanese car giant signed a joint development agreement earlier today for lithium-metal batteries with a Boston-based EV battery manufacturer called SES Holdings Ltd.
Honda issued an official statement, mentioning that SES seeks to list on the New York Stock Exchange. Thereafter, the former will buy a two percent share of the SES AI Corporation.
The automaker added that the lithium-metal batteries will likely offer higher energy density compared to the conventional lithium-ion battery architecture. However, it did not specify when the company will begin the development of the new battery design.
Honda’s new CEO Toshihiro Mibe told Automotive News last month that they’re planning to get another partner on board to speed up EV development. The company already boasts a partnership with General Motors (GM), allowing Honda to use GM’s Ultium platform and battery packs.
Mibe also plans for Honda to go fully electric by 2040 besides adding 10 EVs to its lineup in the next five years. Under his leadership, the company is strengthening ties with other automakers such as Mazda, Subaru, Volkswagen, and Ford to develop EVs and autonomous driving technology.
Honda is considered a pioneer of Hybrid Electric Vehicles (HEVs) manufacturers, much like its Japanese rival Toyota. However, unlike Toyota, Honda realizes the global shift towards EVs and is taking solid measures to catch up with the rapid paradigm shift.
