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But right now, the unit's operations are shut down as regulators investigate the safety of Cruise's self-driving vehicles. Cruise had $1.7 billion in cash as of Sept. 30, enough to last nine months at the current cash burn rate. As Cruise's troubles intensified, investors on Thursday sent GM shares down more than 3% to $26.65, its lowest closing price since August 2020. In addition to the problems at Cruise, GM last month agreed to a costly new contract with the United Auto Workers, and scaled back plans to expand electric-vehicle production. California regulators suspended Cruise's license to operate, and have accused Cruise officials of misrepresenting information about the incident.

Persons: Heather Somerville, Mary Barra, Cruise, Cruise's, Lawrence Paustian, Barra, Quinn Emanuel, Shinji Aoyama, It's, Kyle Martin, Martin, Jason Petitte, Paul Jacobson, Biden, Ben Klayman, Joseph White, David Shepardson, Matthew Lewis Organizations: General Motors Corp, REUTERS, Rights DETROIT, General Motors, GM, Honda, Cruise, United Auto Workers, Pzena Investment Management, Reuters, Westwood Group, California Department of Motor Vehicles, U.S . National, Traffic, Administration, Thomson Locations: San Francisco , California, U.S, Cruise, Japan, Chicago, Waymo, San Francisco, California, Detroit, Washington

☆ Japan's Honda Motor in strategic collaboration deal with TSMC
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of Honda is seen during the 88th International Motor Show at Palexpo in Geneva, Switzerland, March 6, 2018. REUTERS/Pierre Albouy/File PhotoTOKYO, April 26 (Reuters) - Japan's Honda Motor Co (7267.T) on Wednesday unveiled it struck a strategic collaboration agreement with Taiwan Semiconductor Manufacturing Co (TSMC) (2330.TW) as part of steps the company was taking to secure a stable supply of semiconductors. Honda will build direct relationships with chip producers for the long-term stable supply of chips, chief executive Toshihiro Mibe said at a news conference where he laid out the automaker's business strategy. "Honda will work closely together with Tier 1 suppliers and semiconductor makers and move forward with drastic steps," Mibe said, adding it had reached a basic agreement on strategic collaboration with TSMC. Honda also said it planned to introduce four new electric vehicle (EV) models in Japan by 2026.

☆ Honda to start producing new hydrogen fuel cell system co-developed with GM
▼ + stars: | 2023-02-02 | by ( ) www.reuters.com time to read: +1 min

TOKYO, Feb 2 (Reuters) - Japan's Honda Motor Co (7267.T) said it will start producing a new hydrogen fuel cell system jointly developed with General Motors Co (GM.N) this year and gradually step up sales this decade, in a bid to expand its hydrogen business. The Japanese carmaker is seeking to expand the use of its new system not only for its own fuel cell electric vehicles (FCEVs), but also commercial vehicles such as heavy trucks, as stationary power stations and in construction machinery. Honda will start production of the hydrogen fuel cell system through its joint venture with GM this year, Honda senior managing executive director Shinji Aoyama told reporters during a company event in Tokyo. With the "next-generation" system, the company aims to more than double durability compared with its older fuel cell system and to bring costs down by two-thirds. That would likely lead to a divergence in trucks using batteries and those running on fuel cells, he added.

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