STORY: General Motors and Honda announced on Tuesday that they will co-develop a line of "affordable" electric vehicles based on a new joint platform, deepening a partnership to bring EVs that cost less than $30,000 to the market.
The tie-up, which will utilize GM's Ultium battery technology, is expected to produce millions of lower-priced EVs, including compact crossover vehicles, starting in 2027.
It also expands on plans for GM to begin building two electric SUVs for Honda starting in 2024 - the Honda Prologue and an Acura model.
And GM said the price tag planned for the Chevrolet Equinox SUV will come in below $30,000.
The deal is part of GM's push to achieve carbon neutrality in its global products and operations by 2040 and eliminate tailpipe emissions from light-duty vehicles in the U.S. by 2035.
Honda has said it aims to reach carbon neutrality on a global basis by 2050.