General Motors and Honda Motors Partnership Extended to Include EV Manufacturing
Apr 5, 2022 By MarketDepth
General Motors (NYSE: GM) and Honda Motor (NYSE: HMC) announced that their two-year long partnership will be expanded to include “a series of affordable electric vehicles” manufactured on GM’s flexible EV platform with its Ultium-branded battery packs. According to the companies, production for these cost-effective EVs will commence in 2027.
“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 CEO and Chair Mary Barra
The companies initially started this partnership two years ago, with the intention of developing two Honda-branded electric vehicles made with GM’s flexible Ultium powertrain. However, the two automakers have a pre-existing partnership in regards to EVs, as Honda is also an investor in GM’s majority-owned autonomous vehicle subsidiary Cruise.
GM-Honda EVs Priced Below $30,000
Affordable EVs are a necessity for the transition of emerging technologies. The GM-Honda EVs are expected to be worth below USD30,000, according to Kenn Morris, GM’s executive vice president of electric.
The companies also stated that they will speak about future “EV battery technology collaboration opportunities, to further drive down the cost of electrification, improve performance and drive sustainability for future vehicles.”