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Corporate July 18, 2000 |
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| GM and Honda Formalize Powertrain Supply Agreement |
Tokyo, July 18, 2000 - Honda Motor Co., Ltd. today announced that it has signed agreements
with General Motors Corp. (GM). This formalizes the understanding originally announced in
December 1999, concerning the development and supply to GM of Honda V-6 engines and
automatic transmissions.
The terms of the formal agreements call for Honda to develop and supply GM with
approximately 90,000 powertrain units annually for five years, beginning in fall 2003. The
powertrain will include a V-6 engine which meets California's ULEV (Ultra Low Emission
Vehicle) standard, together with an automatic transmission.
These formal agreements are part of the relationship between GM and Honda that was
announced on December 21, 1999. This relationship may also allow future collaboration on
technological and business opportunities of mutual benefit.
As part of the overall agreement, Honda and OnStar, a wholly owned subsidiary of GM,
announced an agreement on May 24 to offer OnStar mobile communications services in Honda
and Acura vehicles beginning with the 2002 Acura RL luxury sedan sold in the US. In addition,
Honda, OnStar and XM Satellite Radio have agreed to explore potential joint opportunities for
future telematics and data applications.
The relationship between Honda and GM will not involve any transfer of equity by either
company, and each will continue independent technology development activities.
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