General Motors Co. and Honda Motors Co. will jointly develop a range of affordable electric vehicles, with the first units slated to roll off the production line in 2027. The cars will sell for around $30,000, making them much cheaper than Tesla’s basic model.
The average EV in the U.S. costs around $60,000, compared with $45,000 for cars overall, according to research website Edmunds.com. An EV’s large battery pack can account for roughly one-third of the cost of the vehicle. GM and Honda will keep costs down by sharing development, reduce battery costs and facilitate global production.
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