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On Tuesday morning, General Motors and Honda Motor announced they would start building affordable electric vehicles based on a new global architecture. According to officials, the partnership will result in millions of lower-priced EVs (electric vehicles), including popular compact crossover models, beginning in 2027. Officials also say that the project is said to use GM’s  new next-generation Ultium batteries. GM CEO and Chair Mary Barra said in a statement, “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.”

Now the burning question on everyone’s minds. How much will these new EV’s cost? According to CNBC.com, the GM-Honda vehicles should be priced below $30,000.  Ken Morris, GM’s executive vice president of electric, autonomous and fuel cell programs believes that affordable electric vehicles are crucial for the widespread adoption of emerging technologies. Affordable EV’s will also help consumers with these atrocious gas prices as they will not have to go the pump quite as often.

By 2025, GM plans to be able to produce and sell 2 million EV’s globally. Honda on the other hand, continues to be a leader in fuel-efficient vehicles and has been for many years now, but is now offering more electric models. As a result of this partnership, the two companies will deepen ties regarding all-electric and autonomous vehicles. Both companies are working together to help provide some the best fuel efficient vehicle that are sure to help change consumers lives.