{"id":29475,"date":"2023-10-25T16:03:35","date_gmt":"2023-10-25T16:03:35","guid":{"rendered":"https:\/\/microloannexus.com\/news\/gm-honda-scrap-plans-to-co-develop-affordable-sub-30000-evs\/"},"modified":"2023-10-25T16:03:37","modified_gmt":"2023-10-25T16:03:37","slug":"gm-honda-scrap-plans-to-co-develop-affordable-sub-30000-evs","status":"publish","type":"post","link":"https:\/\/microloannexus.com\/?p=29475","title":{"rendered":"GM, Honda scrap plans to co-develop &#8216;affordable&#8217; sub-$30,000 EVs"},"content":{"rendered":"<div id=\"RegularArticle-ArticleBody-6\" data-module=\"ArticleBody\" data-test=\"articleBody-2\" data-analytics=\"RegularArticle-articleBody-6-2\"><span class=\"HighlightShare-hidden\" style=\"top:0;left:0\"><\/span><\/p>\n<div class=\"group\">\n<p>DETROIT \u2013 <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-1\">General Motors<span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span> and <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-2\">Honda Motor<span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span> have canceled plans to jointly develop affordable electric vehicles as they face slower-than-expected demand and changing market conditions.<\/p>\n<p>The unwinding of the tie-up roughly a year and a half after it was announced is the latest in a string of decisions by automakers, specifically GM, to scale back or cancel previously announced EV plans.<\/p>\n<p>The partnership was expected to use GM&#8217;s next-generation Ultium battery technology to produce millions of EVs that cost less than $30,000 for global markets beginning in 2027. They were set to include popular compact crossover vehicles.<\/p>\n<p>Since the automakers first announced the partnership, the outlook for EVs has dimmed due to higher costs, lack of infrastructure and slower-than-expected consumer demand.<\/p>\n<p>&#8220;After extensive studies and analysis, we have come to a mutual decision to discontinue the program. Each company remains committed to affordability in the EV market,&#8221; GM spokesman Darryll Harrison said in an email. &#8220;Each company remains committed to affordability in the EV market.&#8221;<\/p>\n<\/div>\n<div role=\"region\" aria-labelledby=\"Placeholder-ArticleBody-Video-107041944\">\n<div role=\"button\" tabindex=\"0\" id=\"Placeholder-ArticleBody-Video-107041944\" class=\"PlaceHolder-wrapper\" data-vilynx-id=\"7000241136\" data-test=\"VideoPlaceHolder\">\n<div class=\"InlineVideo-videoEmbed\" id=\"InlineVideo-0\" data-test=\"InlineVideo\">\n<div class=\"InlineVideo-wrapper\">\n<div class=\"InlineVideo-inlineThumbnailContainer\"><span class=\"InlineVideo-videoButton\"><\/span><span><\/span><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"group\">\n<p>Harrison said the cancellation of the program &#8220;is not connected with our plans to introduce a next generation Bolt.&#8221; However, GM CEO Mary Barra referenced the Bolt as a better option when discussing the cancellation of a $5 billion capital commitment for entry-level EVs during an earnings call Tuesday with investors.<\/p>\n<p>&#8220;Our prior portfolio plans included several newly designed vehicles in the entry-level segments and a capital commitment of $5 billion over the next several years,&#8221; she said. &#8220;However, by leveraging the best attributes of today&#8217;s Bolt EUV as well as Ultium &#8230; we will deliver an even better driving, charging, and ownership experience with a vehicle we know customers love.&#8221;<\/p>\n<p>Current Chevrolet Bolt models start under $30,000 without any EV incentives.<\/p>\n<p>Harrison said other partnerships between the companies, including a deal for GM to build the 2024 Honda Prologue EV, continue. The companies also have partnerships around hydrogen fuel cells and autonomous vehicles.<\/p>\n<p>The companies confirmed they would end the affordable EV effort after GM scaled back some near-term EV targets, announced delays in production of at least three upcoming EVs and disclosed additional details about postponing the build out of a second all-electric truck plant in Michigan until late 2025.<\/p>\n<p>&#8220;We&#8217;re really focusing on making sure that we&#8217;re driving toward demand targets,&#8221; GM CFO Paul Jacobson said during a media briefing for the automaker&#8217;s third-quarter earnings. &#8220;We&#8217;re balancing production to demand.&#8221;<\/p>\n<p>Honda CEO Toshihiro Mibe told Bloomberg Television on Tuesday that the company determined the affordable EV program &#8220;would be difficult as a business.&#8221;<\/p>\n<p>Honda did not immediately respond for a request for comment on the cancellation of the plans.<\/p>\n<\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.cnbc.com\/2023\/10\/25\/gm-honda-scrap-plans-to-co-develop-affordable-sub-30000-evs.html\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>DETROIT \u2013 General Motors and Honda Motor have canceled plans to jointly develop affordable electric vehicles as they face slower-than-expected demand and changing market conditions. The unwinding of the tie-up roughly a year and a half after it was announced is the latest in a string of decisions by automakers, specifically GM, to scale back<\/p>\n","protected":false},"author":1,"featured_media":29476,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43],"tags":[],"class_list":{"0":"post-29475","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.12 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>GM, Honda scrap plans to co-develop &#039;affordable&#039; sub-$30,000 EVs | Micro Loan Nexus<\/title>\n<meta name=\"description\" content=\"DETROIT \u2013 General Motors and Honda Motor have canceled plans to jointly develop affordable electric vehicles as they face slower-than-expected demand and\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/microloannexus.com\/?p=29475\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GM, Honda scrap plans to co-develop &#039;affordable&#039; 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