Socialism does again. Mustn’t have done it right, part 674,594. Can’t fabricate a market for something people don’t want.
The manufacturers agreed in April 2022 that they would combine powers to slash the battery costs on eco cars and develop vehicles below GM’s $30,000 Chevrolet Equinox. The partnership was intended to compete with Elon Musk’s Tesla which has aggressively cut prices this year.
But today Honda CEO Toshiro Mibe confirmed the project had been cancelled, citing cost and logistical challenges.
He told Bloomberg: ‘After studying for a year, we decided that this would be difficult as a business, so at the moment we are ending development of an affordable EV.
‘GM and Honda will search for a solution separately. The project itself has been cancelled.’
Honda and General Motors SCRAP $5 billion plan to develop more affordable electric vehicles – after Ford boss warned eco cars had become a ‘political football.’
The manufacturers agreed in April 2022 that they would combine powers to slash the battery costs on eco cars and develop vehicles below GM’s $30,000 Chevrolet Equinox. The partnership was intended to compete with Elon Musk’s Tesla which has aggressively cut prices this year.
But today Honda CEO Toshiro Mibe confirmed the project had been cancelled, citing cost and logistical challenges.
He told Bloomberg: ‘After studying for a year, we decided that this would be difficult as a business, so at the moment we are ending development of an affordable EV.
‘GM and Honda will search for a solution separately. The project itself has been cancelled.’
Honda and General Motors SCRAP $5 billion plan to develop more affordable electric vehicles – after Ford boss warned eco cars had become a ‘political football.’