General Motors and Honda Motor Co. to co-develop a series of electric vehicles depending on a new joint platform, according to a news release by General Motors on Tuesday.

  • The announcement expands on plans for GM to start building two electric SUVs for Honda beginning in 2024, the Honda Prologue and an Acura model.
  • The automakers stated that the new arrangement is for affordable EVs, including compact crossover vehicles, developed using GM’s Ultium battery technology.
  • The compact crossover is the biggest selling auto sector worldwide with yearly volumes of over 13 million vehicles.
  • Mary Barra, Chief Executive GM, stated that GM and Honda would share our best technology, design, and manufacturing strategies to provide affordable and desirable EVs on a global scale.

The companies stated they would explore future battery technology partnership for electric vehicles to cut costs. GM: NYSE is down -2.48%, Honda is down -0.55%