GM and Honda Will Make an Affordable Electric Vehicle Line Costing Under $30,000

Car manufacturers GM and Honda have plans to develop affordable electric cars. The ones that cost less than $30,000.

The companies announced this week that they will develop a series of affordable electric vehicles based on a new global platform.

The new partnership deepens the ties between the automakers regarding all-electric and autonomous vehicles.

The project will utilize GM’s next-generation Ultium battery technology and is anticipated to produce millions of lower-priced EVs, including popular compact crossover vehicles, beginning in 2027, according to officials.

“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.

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.

Company officials declined to disclose financial terms of the new partnership. The partnership will result in vehicles for both Honda and GM brands.

Both companies 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.”

“Honda and GM will build on our successful technology collaboration to help achieve a dramatic expansion in the sales of electric vehicles,” Toshihiro Mibe, Honda president and CEO, said in a statement.

GM plans to be capable of producing and selling about 2 million EVs globally by 2025.

Disclaimer: We have no position in any of the companies mentioned and have not been compensated for this article.