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Honda sets up hybrid battery venture despite slump
Tokyo (AFP) Dec 17, 2008 Japan's Honda Motor Co. Wednesday announced a venture to develop lithium-ion batteries, saying environmentally friendly hybrid cars were heading for the mass market despite the global auto industry slump. Japan's second-largest automaker plans to set up the company next year jointly with Kyoto-based battery maker GS Yuasa Corp. at a cost of some 15 billion yen (about 170 million dollars). Honda said it will take a 49 percent stake in the company which will be based in Kyoto, Japan's ancient capital. "Hybrid vehicles are expected to move into the mass-market stage as an effective environmentally responsible technology," the companies said in a joint statement. "GS Yuasa and Honda determined that development of smaller and lighter lithium-ion batteries could be achieved by combining the technological strengths and know-how of the two companies," they said. The announcement came immediately after the automaker slashed its profit forecast by more than half for this year, its third cut as the global economic crisis takes a heavier toll on the auto industry. Honda also said it will curb production at home and abroad as well as radically revising its capital spending plans. But Honda president Takeo Fukui said the company believes accelerating the development of advanced environmental technology would be especially necessary in the severe business conditions. "The development of lithium-ion batteries is significant for hybrid cars to become common in the future," he told a news conference. Honda plans to unveil next year its Insight car, which it hopes will lead the way to a mass market for hybrids. Hybrid cars lessen harm to the environment by running on more than one source of power, such as electricity in addition to a fuel engine. Share This Article With Planet Earth
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Troubled automaker GM opens new plant in China
Beijing (AFP) Dec 17, 2008Beleaguered auto giant General Motors opened a new joint venture factory in northeast China Wednesday, as it sharply cut back capacity in the United States due to the rapid economic downturn. |
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