New EV Battery Company: Honda and GS Yuasa Sign Joint Venture Agreement
TOKYO, May 12, 2023 - (JCN Newswire) - Honda Motor Co., Ltd. (Honda) and GS Yuasa International Ltd. (GS Yuasa) today announced that they have signed a joint venture agreement toward the establishment of a new company. As announced on January 23, 2023 with a joint press release titled, "Honda and GS Yuasa Reach Basic Agreement Toward Collaboration for a High-capacity, High-output Lithium-ion Battery," the two companies have been discussing specifics for collaboration on high-capacity, high-output lithium-ion batteries, mainly for EVs.
To address the rapidly growing demand for batteries, the new joint venture company, which will be named Honda GS Yuasa EV Battery R&D Co., Ltd., will research and develop lithium-ion batteries and battery production methods that will be highly competitive at a global level. Moreover, the new company will strive to establish a supply chain for key raw materials and a highly-efficient production system for its batteries.
The new company is scheduled to be established and begin operation before the end of 2023. The establishment of the new company and the start of its operation are subject to the approvals of the relevant authorities.
Comments by Koichi Yamamoto, Representative Director and President (to be) of Honda GS Yuasa EV Battery R&D Co., Ltd.
"We are very pleased that Honda and GS Yuasa have reached a joint venture agreement, which will become a new milestone in our pursuit of the realization of carbon neutrality, which is a goal shared by the two companies. The new company will fully leverage the strengths of the two companies and establish a strong presence in the rapidly expanding battery market."
About the new company (plan)
Honda GS Yuasa EV Battery R&D Co., Ltd.
Head office location:
1, Inobanba-cho, Nishinosho, Kisshoin, Minami-ku, Kyoto, Japan
Amount of capital at establishment: 2 billion yen
Amount of capital reserve at establishment: 2 billion yen
Capital contribution ratio:
50% Honda Motor Co., Ltd.
50% GS Yuasa International Ltd.
Koichi Yamamoto, Representative Director and President (from Honda)
Masaaki Hosokawa, Representative Director and Vice President (from GS Yuasa)
Source: Honda Motor Co, Ltd