Honda, GM scrap plan to co-develop cheaper EVs

Honda Motor and General Motors are scrapping plans to jointly develop affordable electric vehicles (EVs), a Honda spokesperson said on Wednesday, confirming a Bloomberg News report.
The two agreed in April last year to develop a series of lower-priced EVs based on a new joint platform, producing potentially millions of cars from 2027.
The automakers had said the deal was for “affordable” EVs, including compact crossover vehicles, built using GM’s Ultium battery technology.
“After conducting some research and analyses, both parties decided to end the development,” Honda said. “Each company will continue to work towards offering affordable models to the EV market.”
Honda said there was no change in its plan to sell only electrified vehicles by 2040.