News out Japan sees Honda and Hitachi starting a joint venture that will focus on providing motors for electric vehicles.
The two companies signed today what they call a “memorandum of understanding, which is the Japanese business version of getting a promise ring to start a future company together.
The still unnamed joint venture will be located in Hitachinaka City in the Ibaraki Prefecture, and be initially capitalized with ¥5 billion (~$44 million).
What will transportation look like in the future? MotoCzysz and Indian based Bajaj seem to have their theories, and the two companies have announced a joint-venture that will explore the next generation of automobile. Releasing a vague press release, we suspect the two companies are in the process of creating prototype hybrid vehicle that will explore a form factor and design not previously seen in the automobile industry. More from the announcement after the jump.