Honda and GM bury project for a cheap electric car

2023-10-25 17:55:00

After some analysis, both parties decided to abandon the joint development of a cheap electric car, Honda announced on Wednesday. Each company will continue to work on affordable electric cars on its own.

In April 2022, GM and Honda announced the $5 billion plan. On Tuesday, GM announced that it would postpone e-car projects in order to save investment costs and secure returns. The largest US automaker gave up its profit target for this year due to the growing costs of the six-week strike by the UAW union in the USA.

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