Honda & GM to co-develop affordable EVs

Both companies declined to disclose the financial terms of their partnership.

Honda & General Motors have announced a strengthening of their partnership, which will see the two car brands co-develop a series of affordable electric vehicles in the near future. The partnership expands on the previous announcement which allowed Honda to use GM's EV platform on two of their upcoming electric SUVs.

As per the new deal, Honda & GM will develop a new series of EVs, based on the American car giant's next-generation Ultium battery technology. The two companies state that the new series of affordable EVs will include a number of products, including compact crossovers and is set to be introduced from 2027 onwards. With high sales ambitions, the two companies stated that the manufacturing plans could enable production of millions of EVs globally.

The new lineup of EVs being co-developed by Honda & GM is expected to be offered with a starting price tag below US$ 30,000. The two brands are also said to be working together to bring down the cost of electrification while improving performance. Honda & GM will also discuss future collaboration opportunities on EV battery technology. However, both companies declined to disclose the financial terms of their partnership.