In brief: General Motors and Honda have announced plans to co-develop a series of affordable electric vehicles based on next-gen Ultium battery technology. The partnership will leverage the companies' technology, design and sourcing strategies to enable production in 2027, catering to key markets including North America, South America and China.

The duo will also work toward standardizing processes and equipment to boost output and lower costs.

GM CEO Mary Barra said that by working together, the two will be able to put people into EVs faster than either company could achieve on its own.

"Our plans include a new all-electric product for North America positioned at a price point lower than the upcoming Chevrolet Equinox EV," said Doug Parks, executive VP of Global Product Development, Purchasing and Supply Chain at GM.

Until recently, one major hurdle to adoption was cost. EVs won't become mainstream until they are readily available across a spectrum of price points. Vehicles like the Model 3 have brought us closer to that goal, but more variety is still needed.

The partnership will also help GM deliver on its commitment to eliminate tailpipe emissions from light duty vehicles in the US by 2035 and reach carbon neutrality globally by 2040. Honda, meanwhile, is on track to achieve carbon neutrality by 2050.

This isn't the first time the two automakers have joined forces. In 2018, GM and Honda came together to accelerate the development of advanced chemistry battery components for EVs. GM also helped Honda co-develop the Prologue all-electric SUV which is due out as a 2024 model.