HMC - GM's Plan To Make Sub-$30K EVs With Honda Is Not Happening Anymore | Benzinga
Japanese automaker Honda Motor Co (NYSE:HMC) is reportedly scrapping its plans to develop affordable electric vehicles with Detroit-based General Motors Co (NYSE:GM).
What Happened: Honda is not moving forward with its plans to produce budget-friendly EVs in conjunction with General Motors, company CEO Toshihiro Mibe said in an interview with Bloomberg. The CEO pinned the decision on it being “difficult as a business.”
"GM and Honda will search for a solution separately. This project itself has been canceled," the CEO said, as per the report.
In 2022, the two auto giants agreed to collaborate on creating a new series of EVs based on GM's Ultium EV battery and positioned at a price point lower than GM’s proposed $30,000 Chevrolet Equinox EV. The first of the vehicles was then expected to roll out in 2027.
GM Scales Down EV Targets: During the company’s third-quarter earnings call on Tuesday, GM individually also withdrew its EV production targets. This included both the 100,000 EV target the ...