(Bloomberg) — Honda Motor and General Motors are preparing to shelve plans to jointly develop affordable electric vehicles, a Honda spokesman said Wednesday.
Honda Motor Co. CEO Toshihiro Mibe said the company is shelving its plan to jointly develop economical electric vehicles with GM due to changes in the business environment. Honda said there is no change in its plan to sell only electric cars by 2040.
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GM and Honda entered into a partnership last April, in which the two companies would develop a number of low-priced electric vehicles based on a new platform, and had planned to produce millions of vehicles starting in 2027.
GM had said earlier this week that it was no longer sure it would meet its $14 billion profit forecast this year, blaming the United Auto Workers strike.
“After some study and analysis, the parties have decided to end development,” Honda said. “Each company will continue to work to provide affordable models for the electric vehicle market.”
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