Honda Motor Co Ltd (7267) said on Tuesday that it had tied up with trading company Hanwa Co (8078), as it seeks to ensure a steady supply of metals used in batteries for electrified vehicles.
Under the partnership, the Japanese auto maker will gain access to essential metals such as nickel, cobalt and lithium in the medium to long term.
Hanwa was selected as a partner due to its strength in resource procurement, Honda said.
Earlier in 2022, the auto maker announced an objective to roll out 30 electrified vehicle models across the globe and to manufacture more than 2 million electric vehicles per year by 2030.
The shares of Honda Motor Co Ltd closed higher for a second consecutive trading session in Tokyo on Wednesday. It has also been the sharpest single-session gain since August 30th. The stock went up 0.80% (JPY 29.0) to JPY 3,651.0, after touching an intraday high at JPY 3,681.0. The latter has been a price level not seen since September 1st (JPY 3,681.0).
The shares of Honda Motor Co Ltd have risen 13.03% so far in 2022, following another 12.25% gain in 2021.