Honda, GM scrap $5 bln plan to co-develop cheaper EVs
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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 try to beat Tesla in sales.

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