Honda has announced it has entered a strategic partnership with Hanwa to help secure the materials needed for their electric vehicle (EV) batteries.
In a press release on Tuesday Honda says the partnership with the Japan-based trading company “will ensure stable procurement in the medium to long term, of essential metals necessary for batteries.”
Those materials considered essential by Honda include nickel, cobalt and lithium.
Even with the new deal, Honda says it will also continue to work with various suppliers to “ensure stable supply of necessary resources,” in its efforts to further its electrification strategy.
As we have previously reported, that strategy aims to bring 30 new EV models to market by 2030. With a $40 billion commitment, Honda hopes to have an annual production volume of more then 2 million units by the end of the decade.
The Japanese automaker won’t be doing it alone. Earlier this year Honda announced a partnership with General Motors to develop EVs that cost less than $30,000 using GM’s Ultium battery technology and a new global architecture.
Honda is also teaming up with Sony to begin delivery of a new EV by 2025.
Honda is also developing their Prologue electric SUV that is scheduled to debut in 2024.