"GM and Honda will share our best technology, design and manufacturing strategies to deliver affordable and desirable EVs on a global scale, including our key markets in North America, South America and China," GM Chair and CEO Mary Barra said in a statement.
More affordable EVs are crucial to the mass adoption of the emerging technologies. While EVs are growing in popularity, they're largely priced for luxury buyers. The GM-Honda developed vehicles are expected to be priced below $30,000, Ken Morris, GM's executive vice president of electric, autonomous and fuel cell programs, told reporters during a call Tuesday morning.
Company officials declined to disclose financial terms of the new partnership, which will result in vehicles for both Honda and GM brands. The automakers also said they will discuss future"EV battery technology collaboration opportunities, to further drive down the cost of electrification, improve performance and drive sustainability for future vehicles."General Motors revealed its all-new modular platform and battery system, Ultium, on March 4, 2020 at its Tech Center campus in Warren, Michigan.
Both automakers are working on next-generation battery development, including solid-state batteries. Those batteries can be lighter, with greater energy density, and provide more range at a lower cost than today's EVs with lithium-ion batteries.
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