Honda and GM have paired together to collaborate on an electric vehicle project that will bring millions of new EV’s to dealership lots near you by 2027.
This collaboration began with the North American auto alliance back in September of 2020. GM promised to help Honda develop two new EVs using GM’s Ultium batteries. This new global electric architecture will be used in the new crossover style EV’s that Honda and GM will be producing.
Honda and GM are still in debate on how to divide production but will be using existing manufacturing plants from both companies to execute this collaboration.
With a joint goal of creating affordable EVs for the marketplace, Honda and GM state that they are mainly collaborating because they will be able to produce more EVs together than if they were to tackle this project separately. By standardizing processes and equipment they will be able to construct better quality EVs at a more affordable price for the consumers.
While GM and Honda have this collective goal for producing more EVs by the year 2027 each company also seperately has set EV goals. Honda is striving to reach global carbon neutrality by 2050 and GM has hopes for an all electric line of cars by 2035.
As far as price ranges for the new EV model go, we do not have exact pricing for the vehicles at the moment. GM’s executive vice president of electric, autonomous and fuel cell programs, Ken Morris, said that the new EV vehicles in size and cost should be below the Chevrolet Equinox EV. The 2023 Equinox EV will start at around $30,000. This gives us an estimated realm of where the new model will be price wise.
Going electric has grown to be a very popular choice among car buyers in the last 5 years. As the technology in EVs advances and charging stations become more abundant the previous concerns in owning an electric car are becoming scarce. Owning an electric car requires less maintenance and has lower long term costs compared to a conventional vehicle. These are driving forces behind switching to an electric model. Honda and GM both have current EVs available. Hondas current electric models include:
- Accord Hybrid
- CR-V Hybrid
- Insight
At Clark Knapp Honda we are so excited to see the fulfillment of this partnership and cannot wait to share more information about this new model. Looking to go electric before 2027? Come visit us at Clark Knapp Honda and check out our EV inventory at 900 N Sugar Rd, Pharr, TX 78577 or give us a call at (956) 217-0127.
Disclaimers:
General Motors (NYSE:GM) is a global company focused on advancing an all-electric future that is inclusive and accessible to all. At the heart of this strategy is the Ultium battery platform, which will power everything from mass-market to high-performance vehicles. General Motors, its subsidiaries and its joint venture entities sell vehicles under the Chevrolet, Buick, GMC, Cadillac, Baojun and Wuling brands. More information on the company and its subsidiaries can be found at https://www.gm.com.
Honda Motor Co. (NYSE: HMC) is responsible for the development, production and sales of automobiles, motorcycles, power products and aviation products worldwide. Honda now delivers over 30 million products annually through its three product lines. Honda and its partners build products in more than 60 manufacturing plants in 27 countries, employing about 220,000 associates globally. On a global basis by 2050, Honda is striving to achieve carbon neutrality for all products and corporate activities, as well as zero traffic collision fatalities involving Honda automobiles and motorcycles.
Forward-Looking Statements
This press release and related comments by management may include forward-looking statements. These statements are based on current expectations about possible future events and thus are inherently uncertain. Our actual results may differ materially from forward-looking statements due to a variety of factors, including: (1) our ability to deliver new products, services and customer experiences in response to increased competition in the automotive industry; (2) our ability to timely fund and introduce new and improved vehicle models that are able to attract a sufficient number of consumers; (3) the success of our crossovers, SUVs and full-size pick-up trucks; (4) our ability to successfully and cost-effectively restructure our operations in the U.S. and various other countries and initiate additional cost reduction actions with minimal disruption; (5) our ability to reduce the costs associated with the manufacture and sale of electric vehicles and drive increased consumer adoption; (6) unique technological, operational and regulatory risks related to our autonomous vehicle regulations; (7) global automobile market sales volume, which can be volatile; (8) our significant business in China which is subject to unique operational, competitive and regulatory risks as well as economic conditions in China; (9) our joint ventures, which we cannot operate solely for our benefit and over which we may have limited control; (10) the international scale and footprint of our operations which exposes us to a variety of political, economic and regulatory risks, including the risk of changes in government leadership and laws (including labor, tax and other laws), political instability and economic tensions between governments and changes in international trade policies, new barriers to entry and changes to or withdrawals from free trade agreements, changes in foreign exchange rates and interest rates, economic downturns in foreign countries, differing local product preferences and product requirements, compliance with U.S. and foreign countries' export controls and economic sanctions, differing labor regulations, requirements and union relationships, differing dealer and franchise regulations and relationships, and difficulties in obtaining financing in foreign countries; (11) any significant disruption at one of our manufacturing facilities could disrupt our production schedule; (12) the ability of our suppliers to deliver parts, systems and components without disruption and at such times to allow us to meet production schedules; (13) prices of raw materials used by us and our suppliers; (14) our highly competitive industry, which is characterized by excess manufacturing capacity and the use of incentives and the introduction of new and improved vehicle models by our competitors; (15) the possibility that competitors may independently develop products and services similar to ours or that our intellectual property rights are not sufficient to prevent competitors from developing or selling those products or services; (16) our ability to manage risks related to security breaches and other disruptions to our vehicles, information technology networks and systems; (17) our ability to comply with increasingly complex, restrictive, and punitive regulations relating to our enterprise data practices, including the collection, use, sharing, and security of the Personal Identifiable Information of our customers, employees, or suppliers; (18) our ability to comply with extensive laws and regulations applicable to our industry, including those regarding fuel economy and emissions and autonomous vehicles; (19) costs and risks associated with litigation and government investigations; (20) the cost and effect on our reputation of product safety recalls and alleged defects in products and services; (21) any additional tax expense or exposure; (22) our continued ability to develop captive financing capability through GM Financial; and (23) significant increases in our pension expense or projected pension contributions resulting from changes in the value of plan assets or the discount rate applied to value the pension liabilities or mortality or other assumption changes.. A further list and description of these risks, uncertainties and other factors can be found in our Annual Report on Form 10-K for the fiscal year ended December 31, 2018, and our subsequent filings with the Securities and Exchange Commission. GM cautions readers not to place undue reliance on forward-looking statements. GM undertakes no obligation to update publicly or otherwise revise any forward-looking statements.
