Sony and Honda put the brakes on $102,900 electric car project.

Sony Corporation and Honda Motor announced on Wednesday the cancellation of their joint development project for an electric car called Afeela 1. The car was originally set to debut later this year in California with a starting price of $102,900, and was seen as Japan's strong response to Tesla and Chinese high-tech electric vehicles. Just recently, Honda Motor had adjusted its electric vehicle strategy in the United States. Earlier this month, Honda Motor cited a slowdown in the North American electric vehicle market and announced it would incur up to $15.7 billion in costs, facing its first annual loss in decades; the company had previously canceled three electric vehicles produced in the United States.