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GENERAL MOTORS COMPANY

(GM)
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General Motors : and Honda to Jointly Develop Next-Generation Honda Electric Vehicles Powered by GM's Ultium Batteries

04/08/2020 | 04:17pm EDT

Highlights:

* Builds on GM's proven advanced technology relationship with Honda

* Honda will develop unique interior and exterior designs for Honda customers

* EVs will be produced on GM's flexible global EV platform to increase scale and capacity utilization

DETROIT and TORRANCE, Calif. General Motors and Honda have agreed to jointly develop two all-new electric vehicles for Honda, based on GM's highly flexible global EV platform powered by proprietary Ultium batteries. The exteriors and interiors of the new EVs will be exclusively designed by Honda, and the platform will be engineered to support Honda's driving character.

Production of these Honda electric vehicles will combine the development expertise of both companies, and they will be manufactured at GM plants in North America. Sales are expected to begin in the 2024 model year in Honda's United States and Canadian markets.

GM and Honda have an ongoing relationship around electrification. This includes work on fuel cells and the Cruise Origin, an electric, self-driving and shared vehicle, which was revealed in San Francisco earlier this year. Honda also joined GM's battery module development efforts in 2018.

'This collaboration will put together the strength of both companies, while combined scale and manufacturing efficiencies will ultimately provide greater value to customers,' said Rick Schostek, executive vice president of American Honda Motor Co., Inc. 'This expanded partnership will unlock economies of scale to accelerate our electrification roadmap and advance our industry-leading efforts to reduce greenhouse gas emissions.'

'We are in discussions with one another regarding the possibility of further extending our partnership,' Schostek said.

According to Doug Parks, GM executive vice president of Global Product Development, Purchasing and Supply Chain, 'This agreement builds on our proven relationship with Honda, and further validates the technical advancements and capabilities of our Ultium batteries and our all-new EV platform.

'Importantly, it is another step on our journey to an all-electric future and delivering a profitable EV business through increased scale and capacity utilization. We have a terrific history of working closely with Honda, and this new collaboration builds on our relationship and like-minded objectives.'

As part of the agreement to jointly develop electric vehicles, Honda will incorporate GM's OnStar safety and security services into the two EVs, seamlessly integrating them with HondaLink. Additionally, Honda plans to make GM's hands-free advanced driver-assist technology available.

General Motors (NYSE: GM) is a global company committed to delivering safer, better and more sustainable ways for people to get around. General Motors, its subsidiaries and its joint venture entities sell vehicles under the Chevrolet, Buick, GMC, Cadillac, Holden, Baojun, and Wuling brands. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety and security services, and Maven, its personal mobility brand, can be found at http://www.gm.com.

Honda Motor Co. (NYSE: HMC), Honda designs, manufactures and markets automobiles, motorcycles, power products and aviation products worldwide. A global leader in powertrain and electromotive technologies, Honda produces nearly 28 million engines annually for its three product lines. Honda and its partners build products in more than 60 manufacturing plants in 27 countries, employing more than 208,000 associates globally.

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(C) 2020 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
GENERAL MOTORS COMPANY -1.14% 60.79 Delayed Quote.45.99%
HONDA MOTOR CO., LTD. -0.03% 3584 End-of-day quote.24.55%
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Financials (USD)
Sales 2021 134 B - -
Net income 2021 7 699 M - -
Net cash 2021 7 562 M - -
P/E ratio 2021 11,3x
Yield 2021 0,63%
Capitalization 88 186 M 88 186 M -
EV / Sales 2021 0,60x
EV / Sales 2022 0,52x
Nbr of Employees 155 000
Free-Float 95,1%
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Number of Analysts 22
Average target price 71,84 $
Last Close Price 60,79 $
Spread / Highest target 48,1%
Spread / Average Target 18,2%
Spread / Lowest Target -1,30%
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Managers and Directors
NameTitle
Mary Teresa Barra Chairman & Chief Executive Officer
Mark L. Reuss President
Paul A. Jacobson Chief Financial Officer & Executive Vice President
Randall D. Mott Chief Information Officer
Matthew Tsien Chief Technology Officer & Executive VP
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