General Motors and Honda to Jointly Develop Next-Generation Honda Electric Vehicles Powered by GM's Ultium Batteries

DETROIT and TORRANCE, Calif., April 2, 2020 /PRNewswire/ -- General Motors and Honda have agreed to jointly develop two all-new electric vehicles for Honda, based on GM's highly flexible global EV platform powered by proprietary Ultium batteries. The exteriors and interiors of the new EVs will be exclusively designed by Honda, and the platform will be engineered to support Honda's driving character.

Production of these Honda electric vehicles will combine the development expertise of both companies, and they will be manufactured at GM plants in North America. Sales are expected to begin in the 2024 model year in Honda's United States and Canadian markets.

GM and Honda have an ongoing relationship around electrification. This includes work on fuel cells and the Cruise Origin, an electric, self-driving and shared vehicle, which was revealed in San Francisco earlier this year. Honda also joined GM's battery module development efforts in 2018.

"This collaboration will put together the strength of both companies, while combined scale and manufacturing efficiencies will ultimately provide greater value to customers," said Rick Schostek, executive vice president of American Honda Motor Co., Inc. "This expanded partnership will unlock economies of scale to accelerate our electrification roadmap and advance our industry-leading efforts to reduce greenhouse gas emissions."

"We are in discussions with one another regarding the possibility of further extending our partnership," Schostek said.

According to Doug Parks, GM executive vice president of Global Product Development, Purchasing and Supply Chain, "This agreement builds on our proven relationship with Honda, and further validates the technical advancements and capabilities of our Ultium batteries and our all-new EV platform.

"Importantly, it is another step on our journey to an all-electric future and delivering a profitable EV business through increased scale and capacity utilization. We have a terrific history of working closely with Honda, and this new collaboration builds on our relationship and like-minded objectives."

As part of the agreement to jointly develop electric vehicles, Honda will incorporate GM's OnStar safety and security services into the two EVs, seamlessly integrating them with HondaLink. Additionally, Honda plans to make GM's hands-free advanced driver-assist technology available.

General Motors (NYSE: GM) is a global company committed to delivering safer, better and more sustainable ways for people to get around. General Motors, its subsidiaries and its joint venture entities sell vehicles under the Chevrolet, Buick, GMC, Cadillac, Holden, Baojun, and Wuling brands. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety and security services, and Maven, its personal mobility brand, can be found at http://www.gm.com.

Honda Motor Co. (NYSE: HMC), Honda designs, manufactures and markets automobiles, motorcycles, power products and aviation products worldwide. A global leader in powertrain and electromotive technologies, Honda produces nearly 28 million engines annually for its three product lines. Honda and its partners build products in more than 60 manufacturing plants in 27 countries, employing more than 208,000 associates globally.

Cautionary Note on Forward-Looking Statements: This press release contains forward-looking statements that represent GM's current judgment about possible future events. In making these statements GM relies on assumptions and analysis based on management's experience and perception of historical trends, current conditions and expected future developments as well as other factors GM considers appropriate under the circumstances. GM believes these judgments are reasonable, but these statements are not guarantees of any events or financial results, and GM's actual results may differ materially due to a variety of important factors, both positive and negative. A list and description of these factors can be found in GM's Annual Report on Form 10-K and its subsequent filings with the U.S. 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, whether as a result of new information, future events or other factors that affect the subject of these statements, except where GM is expressly required to do so by law.

SOURCE General Motors Co.

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