Honda Motor Co has formed a partnership with trading company Hanwa Co to secure stable supply of metals used in batteries for electrified vehicles.
Honda will be able to obtain essential metals such as nickel, cobalt and lithium through the partnership in the medium to long term, it said in a statement.
Procurement of those elements will be among many challenges for automakers worldwide as stricter environmental regulations accelerate production and sales of cleaner, electrified cars.
This year Honda laid out a target to roll out 30 electrified vehicle (EV) models globally and produce more than 2 million EVs a year by 2030. read more It aims at selling only fully electric vehicles and fuel cell electric vehicles by 2040.
