At the same time, Honda ditched plans to co-develop electric vehicles with GM. The goal was to produce a brand that could be sold for under $30,000, but Honda CEO Toshihiro Mibe said the market was too unpredictable, so the plans were canceled.
"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.
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