Honda Executive Vice President Tetsuo Iwamura and GM Vice Chairman Stephen Girsky will hold a formal news conference in New York at 9 am EST on July 2 (today).
Here's what the Nikkei reports:
"The deal is a shift in strategy for Honda, which has been working on its own amid a big shift in carmakers’ approach to green technology."
"General Motors has a joint venture in China with Shanghai Automotive Industry Corp. (Group) in electric cars. The deal with Honda will allow the US carmaker to form a partnership with a Japanese company."
Meanwhile, some other reports suggest that this will be a fuel-cell development deal, though we remain wishful that it'll extend to include plug-in vehicles, too.
Update: Turns out it is fuel cell work. From GM's official press release (which you can read here):
"General Motors (NYSE: GM) and Honda (NYSE: HMC) announced today a long-term, definitive master agreement to co-develop next-generation fuel cell system and hydrogen storage technologies, aiming for the 2020 time frame. The collaboration expects to succeed by sharing expertise, economies of scale and common sourcing strategies."
GM Celebrates Almost 50 Years Of Not Building A Hydrogen Fuel Cell Vehicle In This Slide Released Today! (but we did get a very solid "?" for 2020+ on the tech now though...so that is something)