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Honda's CEO, Toshihiro Mibe, unveiled the decision, stating that after a year-long analysis of the project, it became apparent that producing affordable EVs with GM would pose significant business challenges. The two companies had agreed in April 2020 to develop a new architecture based on GM's Ultium EV battery, primarily for small crossover sport utility vehicles (SUVs). The first fruits of this partnership were slated for North American roads by 2027.

The alliance aimed to accelerate the reduction of battery costs, hoping to rival market leaders Tesla and BYD in both price and performance. The intention was to leverage GM's expertise in battery technology and Honda's manufacturing prowess to carve out a competitive space in the burgeoning EV market. However, changing business dynamics, including escalating costs related to the United Auto Workers strikes, prompted a reassessment of these plans.