General Motors and Honda announced to produce “a series of affordable electric vehicles” built on GM’s flexible EV platform with its Ultium-branded improved battery packs 

The automakers said they will work toward standardizing equipment and processes, while aiming to produce millions of electric vehicles, including compact crossovers, beginning in 2027

The companies said the new vehicles will be powered by Ultium battery technology and that they will continue their work on EV battery technology collaboration

GM chair and CEO Mary Barra said, GM and Honda will share our best technology, design and manufacturing strategies to deliver affordable and desirable EVs on a global scale

The price of the vehicles is expected to fall below $30,000, according to Ken Morris, GM's executive vice president of electric, autonomous and fuel cell programs who spoke with reporters on Tuesday

In 2020, GM and Honda announced plans to codevelop two EVs. One of them is the Honda Prologue, expected to be launched in early 2024

GM and Honda have worked together on various collaborations for more than 20 years, including the development of fuel cells, batteries and the Cruise Origin shared autonomous vehicle

The two automakers are also working together with Cruise, and are jointly developing the self-driving Cruise Origin