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Honda Motor Co. Ltd. and Taiwan Semiconductor Manufacturing Co. (TSMC) announced they had signed a deal for the procurement of chips. The agreement will ensure that the Japanese automaker will have a steady supply of semiconductor parts that it needs for production.
According to Reuters, Honda Motor is struggling to fully escape from the blow it incurred due to the strained global chip and parts supply that has previously affected many automakers during the pandemic. With its collaboration with TSMC, the company hopes to fully recover and get back on track completely.
Honda Motor's chief executive officer, Toshihiro Mibe, said during the recent 2023 Honda Business Briefing they are aiming to build an alliance with chip manufacturers so it can secure a stable supply of chips for a long time. He also shared their plans for the future and provided business strategy updates.
"Concerning the ongoing shortage of semiconductors, Honda has been taking various actions to deliver products to its customers as soon as possible by implementing measures from both short-term and medium- to long-term perspectives," the Honda Motor management said in a press release. "While enhancing its risk-sensing measures, Honda has been building cooperative relationships and enhancing collaboration with semiconductor manufacturers, including the strategic collaboration with TSMC, through which Honda strives to ensure stable procurement of semiconductors."
The carmaker's chief operating officer, Shinji Aoyama, said they are expecting to see the effects of Honda's collaboration with TSMC starting from the 2025 financial year. He further mentioned that the two companies also agreed to share information about production and parts supply, especially on securing integrated circuits and other auto parts.
Meanwhile, Honda Motor revealed that one of its goals is to release a mid to large-size electric vehicle (EV) in the United States in 2025. This will be built based on the company's new "electric and electronic" architecture.
Photo by: The Ride Academy/Unsplash
