Honda Motor is shelving plans to jointly develop affordable electric vehicles (EVs) with General Motors due to a changing business environment, Bloomberg News reported on Wednesday, citing an interview with Honda CEO Toshihiro Mibe.
"After studying this 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," Mibe told Bloomberg News.
GM and Honda will search for a solution separately, while "this project itself has been canceled," he added.
Both GM and Honda did not immediately respond to Reuters' requests for comment.
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