Honda and GM Scrap $5 Billion Plan to Co-Develop Affordable EVs

Honda Motor and General Motors (GM) are scrapping a plan to jointly develop affordable electric vehicles (EVs), the companies said on Wednesday, just a year after they agreed to work together in a $5 billion effort to bid to beat Tesla in sales.

The decision underscores GM’s strategic shift to slow the launch of several EV models to focus on profitability, as it grapples with the rising cost of United Auto Workers strikes, which surged to $200 million a week this month.

The U.S. automaker on Tuesday withdrew its previous 2023 profit outlook.

Read the source article at Yahoo Finance