October 1, 2022

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General Motors and Honda to develop affordable electric cars that cost less than $30,000

General Motors and Honda to develop affordable electric cars that cost less than $30,000

Detroit – general motors And the Honda Motor The companies announced Tuesday morning the development of a series of affordable electric vehicles based on a new global architecture.

The project will use GM’s next-generation Ultium battery technology. The partnership is expected to produce millions of low-priced electric vehicles, including popular compact crossovers, starting in 2027, according to officials.

“General Motors and Honda will share our best-in-class technology, design, and manufacturing strategies to deliver desirable and affordable electric vehicles on a global scale, including in our core markets of North America, South America and China,” General Motors CEO and CEO Mary Barra said in a statement.

Affordable electric cars are essential to mass adoption of emerging technologies. While electric vehicles are becoming increasingly popular, they are priced largely to luxury car buyers. Ken Morris, executive vice president of GM’s electric, autonomous, and fuel cell programs, told reporters during a call Tuesday morning that GM-Honda-developed vehicles are expected to be priced under $30,000.

Company officials declined to disclose the financial terms of the new partnership, which will lead to the provision of cars for both the Honda and General Motors brands.

The automakers also said they would discuss in the future “opportunities to collaborate in electric vehicle battery technology, to reduce the cost of electricity, improve performance and drive sustainability for future vehicles.”

General Motors unveiled its all-new modular platform and battery system, the Ultium, on March 4, 2020 at the Technology Center campus in Warren, Michigan.

Photo by Steve Fisht for General Motors

Both car manufacturers are developing next-generation batteries, including solid-state batteries. Solid-state batteries could be lighter, have a greater energy density, and offer a greater range at a lower cost than current electric vehicles that contain lithium-ion batteries.

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“Honda and General Motors will build on our successful technology collaboration to help achieve a significant expansion of electric vehicle sales,” Toshihiro Mibe, Honda President and CEO, said in a statement.

General Motors plans to be able to produce and sell about 2 million electric vehicles globally by 2025. Honda, the leader in fuel-efficient vehicles, has focused largely on hybrid vehicles but is focusing on introducing more fully electric models.

The new partnership deepens the relationship between the two companies regarding fully electric and autonomous vehicles. Honda invested in the past 750 million dollars in cruisethe majority-owned autonomous vehicle unit of General Motors, and GM produced Two EVs for Honda for 2024. The companies also collaborated on battery modules and fuel cell vehicles.

Honda is still planning to develop Its EV technology Rick Shustik, executive vice president of corporate operations at Honda of America, told reporters that it will start building its own electric cars after two General Motors cars go on sale in 2024.