Kite provides an EV sharing service by placing EVs in condominium parking lots across major Canadian cities, including Toronto, enabling residents to use them as needed. In Canada, growing urban populations are accelerating the construction of new condominiums. However, rising real estate prices and construction costs have made developing parking facilities a significant burden for property developers. At the same time, the cost of owning a private vehicle is also increasing, making car access a challenge for urban residents. By introducing Kite's EV sharing service, property developers can reduce parking construction costs, while residents gain a new mobility option.

Canada is actively promoting environmentally conscious nation-building, focusing on renewable energy sources such as hydropower. Municipal governments in major cities have adopted policies aimed at decarbonizing urban development through electrification, including the widespread adoption of EVs, and public interest in eco-friendly EVs is growing. Additionally, property developers are increasingly expected to build environmentally responsible housing as part of their social responsibility. As a result, Kite is gaining increasing interest from major Canadian real estate developers, who anticipate expanding partnerships in the future.

Mitsui has made "Deeper Sustainability Management" a key part of its corporate strategy in its Medium-Term Management Plan 2026 and has set net-zero emissions as its vision for 2050. Moreover, we are expanding our business globally with a strategic focus on decarbonization in the mobility sector. Our investment in Kite is part of this broader initiative, which aims to evaluate both the convenience and profitability of EV car-sharing services and contribute to creating a society that harmonizes with the environment.

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