MUMBAI/TOKYO – Honda Motor aims to cut costs by as much as a fifth and halve development times under its new partnership in India with Tata Technologies, according to two people familiar with the matter, as pressure from rivals forces the Japanese automaker to rethink its go-it-alone approach. Reeling from electric vehicle-related losses that it expects to reach more than $12 billion, Honda is pivoting to gasoline-electric hybrids and slashing expenses. Last month, it was reported that the automaker is seeking to cut more than $9 billion in costs over the next four years and has told suppliers to drastically reduce prices.
In May, engineering firm Tata Technologies said it was selected to develop vehicles for a Japanese automaker. It declined to name the partner, but the two people and another person familiar with the matter said it was Honda.
Extract — continue reading at the source.
