May 26, 2024

AFP reported that the Japanese automaker Honda and the United States giant General Motors announced their decision to discontinue their partnership aimed at manufacturing affordable electric vehicles starting in 2027.
In a joint statement, it was stated that the decision came after extensive research and analysis. No specific reason was given. According to industry reports, the cooling of demand in China is believed to be responsible for the slowdown.

Israel releases “never before seen” video of IDF hunting Hamas militantsLiveMint

Are you stuck with haunting interiors? Sponsored This week’s OTT releases: What to watch?
Only a liver transplant can help her survive. Save Her!Ketto| SponsoredThe Weird Reality About Cleopatra That Was Too Out-There For Hollywood To PortrayGreedyfinance|
GM announced earlier this week that they would moderate EV production to protect prices, adapt to reduced near-term growth in demand, and implement engineering efficiency improvements.

The strike of US factory workers also affected GM, Ford, and Stellanis.
In recent years, Japanese automakers faced challenges with market shares in key markets, in part due to a delay in the rollout of EVs.
The goal of the 2022 partnership was to create electric cars that were priced below GM’s $30,000 Chevrolet Equinox. Honda is still committed to reaching 100 percent EVs by 2040.
It is worth mentioning that Honda continues to collaborate with GM in other projects. One of these includes plans to launch driverless cabs in Tokyo by the year 2026.

3 Series
From 42.3 Lakhs*
Get the on-road price Add to Compare
From 9.78 Lakhs*
Get the on-road price Add to Compare
Verna [2020-2023]
From 9.11 Lakhs*
Get the on-road price Add to Compare
“Exciting news! Mint is available on WhatsApp Channels. Subscribe today to stay up-to-date with the latest financial insights! Click Here!
Related Premium Stories: Can Ather beat Ola in terms of quality?
Electric two-wheeler manufacturers compete for festive season boost amid reduced subsidy.
The share of PVs sold by entry-level vehicles has reached a record low.
Charts: Luxury cars are still on the cruise lane this year
Why Innova is still the most popular car in India
The Seven Endangered on India’s EV Road.
Mint Explainer – Navigating India’s electric vehicle boom
‘Incentives key for alternative fuel tech’
Automakers prepare for crash tests under Bharat NCAP.
Tesla will launch a budget model in Asian markets.
Explore Premium Catch All Auto News Live Mint Updates. Download the Mint News App, Get Daily Market Updates Live, and stream Business News. You can find out more about us by clicking here. Updated: Friday, 26 October 2023 at 9:48 am (IST).
TopicsHonda Motors General Motors Corp
You Might Also Like
This is the perfect fall outfit for shorter guys. Quality fabrics and well-fitting clothes are essential. It’s like custom-tailored clothing, but without the tailor. Peter Manning.
We need Rs. We need Rs. 25 lakhs for the treatment. Please help us!
Flipkart Dussehra sale: iPhone 14 plus under Rs30,000. Here’s how. Flipkart Dussehra sale: iPhone 14 Plus for Rs. Live Mint: 24,599 for discounts and an exchange offer
Taboola Promoted Links
Next StoryBackThe Ethics Committee has told TMC MP Mahua Moitra that it will not entertain any request to extend the date of appearance past Nov 2.
Mint Image
Get seven days of Ad-Lite experience for Free! Sign in Now to Access this Offer
Mahua Moitra, TMC MP, has been asked to appear in front of the Lok Sabha Ethics Committee on November 2 regarding the cash-for-question case.
Mahua Moitra, TMC MP, was told by the LS Ethics Committee that it would not accept any request to extend her date of appearance past November 2
Two more strikes were then carried out: on October 23, at Stellantis Sterling Heights, Michigan plant, which makes the best-selling Ram 1500 pick-up truck, and on October 24, at GM Arlington, Texas facility, which assembles the Chevy Tahoe GMC Yukon, and Cadillac Escalade.
Fain said that Ford would be facing a larger strike if they didn’t reach an agreement.
Ford knew what would happen on Wednesday if there was no deal. Fain stated in a video on X that “that was checkmate.”
According to Deutsche Bank analyst Emmanuel Rosner, the strike cost GM Ford and Stellantis approximately $2.1 billion before interest and tax in lost earnings as of October 23. GM pulled its earnings forecast this week after the strike muddied their outlook.
The S&P 500 has been underperforming GM and Ford shares since July. Stellantis shares are up 33% in the US so far this year.
What Bloomberg Intelligence says:
Ford’s tentative agreement with the UAW could increase its costs in the first year by over $900 million, based on an 11% rise in the year before. This would put additional pressure on efforts to improve the company’s mediocre profit.

Leave a Reply

Your email address will not be published. Required fields are marked *