General Motors and Honda are teaming up to develop a series of affordable electric vehicles, the companies announced Tuesday.

The companies plan to produce millions of EVs — including compact crossovers, which are top sellers — starting in 2027. 

The vehicles, which will be created for both brands, will be based on a new platform that uses GM’s Ultium battery technology, which can provide up to 450 miles of range and have longer life cycles, the companies said.

The automakers say that by pooling together their technology, design and manufacturing strategies, they’ll be able to produce a larger volume of quality vehicles available at an affordable price. The vehicles are expected to sell for less than $30,000, Ken Morris, GM’s executive vice president of electric, autonomous and fuel cell programs, told reporters during a call Tuesday.

“By working together, we’ll put people all over the world into EVs faster than either company could achieve on its own,”  Mary Barra, GM chair and CEO, said in a statement. 

The companies declined to disclose how much they’re investing in the new partnership. 

Electric vehicles are widely considered key to curbing greenhouse gas emissions that are fueling climate change, but they remain out of many people’s price range. According to Kelley Blue Book, the average price of a new electric vehicle in February was $64,685.

GM has set a goal of being carbon neutral by 2040, while Honda is aiming for 2050. GM hopes to phase out tailpipe emissions from all light-duty vehicles by 2035. 

Detroit-based GM and Tokyo-based Honda have been working together in recent years on a number of projects, including two electric vehicles — the Honda Prologue and Acura’s first electric SUV — as well as a fully autonomous vehicle designed for driverless ride-hail and delivery, new fuel cell system and hydrogen storage technologies, and EV battery modules.

“Honda and GM will build on our successful technology collaboration to help achieve a dramatic expansion in the sales of electric vehicles,” Honda President and CEO Toshihiro Mibe said of the automakers’ latest venture together.

GM and Honda also said they will discuss collaborating on future EV battery technology to further drive down the cost of electrification while improving the performance and sustainability of future cars.