GM and Honda join forces as the post-coronavirus consolidation of the auto industry begins - Business Insider

, the GM-affiliated autonomous ride-hailing startup now valued at around $20 billion, and pledged to create two new electric vehicles using GM's new Ultium battery technology.

"An alliance in North America between Honda and GM would leverage the best technologies and generate substantial cost efficiencies from shared vehicle platforms and propulsion systems, joint purchasing, potential manufacturing efficiencies and other collaboration efforts," GM said in a statement. "This would enable both GM and Honda to make greater investments in advanced and next-generation technologies.

Fiat Chrysler Automobiles CEO Sergio Marchionne excoriated in a now-infamous presentation before his unexpected death in 2018The pre-COVID bottom line was that with the electric and autonomous businesses in gestation — EVs constitute just about 1% of worldwide sales, while no autonomous effort has yet generated any significant revenue — carmakers were staring down the unappetizing prospect of both grappling with Marchionne's indictment and finding the resources to keep pace with...

In numerous conversations with Barra and her team since she got the job in 2014, I heard over and over again that the company wouldn't know how good it was, post-bankruptcy, until it was tested by fire. Then came COVID-19. And while GM and Honda do go head-to-head with many products, Honda is strong in segments that GM would like to get out of, chiefly sedans, while the Japanese automaker lacks the big SUVs and full-size pickups that are GM's US stalwarts.

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