Honda's plan to develop low-cost electric vehicles in cooperation with General Motors will be shelved

Thanks to CTOnews.com netizens for the delivery of clues about the past. CTOnews.com, October 25 (Xinhua) Honda and General Motors are preparing to shelve their plans to jointly develop economical electric vehicles, a Honda spokesman said on Wednesday.

Honda is shelving plans to jointly develop economical electric vehicles with General Motors because of changes in the business environment, Honda CEO Minhong Mitsuhiko said. Honda said its plan to sell only electric cars by 2040 had not changed.

GM and Honda reached a partnership in April last year to develop a number of low-cost electric vehicles based on the new platform, with plans to start producing millions of cars in 2027, according to Tuyuan PexelsCTOnews.com.

GM said earlier this week that it was unable to determine whether it would meet its profit forecast of $14 billion this year, blaming a strike by the UAW.

Honda said: "after some research and analysis, the two sides decided to end the development." "every company will continue to strive to provide affordable models for the electric car market."