Sony and Honda will scrap their plan to jointly develop upmarket electric vehicles in the latest global retreat from a planned phaseout of petrol engines.
The Japanese groups said on Wednesday that their flagship Afeela EV, which was due to be launched in the US this year starting at almost $90,000, would be cancelled.
The decision came just weeks after Honda abandoned its flagship electric “0” series and warned of ¥2.5tn ($16bn) of EV-related losses over two years.
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