Global auto manufacturers General Motors (GM) and Honda will build on their years-long collaboration to develop a series of affordable electric vehicles (EVs), including compact crossover models, the world’s largest vehicle segment.

The initiative is designed to enable global production of millions of EVs, according to the companies’ announcement. The two auto giants will also partner on advancing battery technology while working toward standardizing equipment and processes.

Based on a new global architecture using next-generation Ultium battery technology, the new EV series is expected to go on sale in 2027 in North America.

GM and Honda also will discuss future EV battery technology collaboration opportunities, to further drive down the cost of electrification, improve performance and drive sustainability for future vehicles.

GM is working to accelerate new technologies such as lithium-metal, silicon and solid-state batteries, along with production methods to improve and update battery cell manufacturing processes. Honda is making progress on its all-solid-state battery technology, which the company sees as the core element of future EVs.

“Our collaboration with Honda and the continuing development of Ultium are the foundation of this project, utilizing our global scale to enable a lower cost foundation for this new series of EVs for millions of customers,” said Doug Parks, GM executive vice president, Global Product Development, Purchasing and Supply Chain. “Our plans include a new all-electric product for North America positioned at a price point lower than the upcoming Chevrolet Equinox EV, building on the 2 million units of EV capacity the company plans to install by the end of 2025.”

“The progress we have made with GM since we announced the EV battery development collaboration in 2018, followed by co-development of electric vehicles including the Honda Prologue, has demonstrated the win-win relationship that can create new value for our customers,” said Shinji Aoyama, Honda senior managing executive officer. “This new series of affordable EVs will build on this relationship by leveraging our strength in the development and production of high quality, compact class vehicles.”