Know The Difference Minute

Most EV’s aren’t cheap, the US average is $60,000.

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It’s electric.
Welcome to the Know the Difference Minute for Tuesday, April 5th.
Detroit. Electric motor city. Big announcement today. A joint development project from GM and Honda will put millions of lower-priced electric vehicles on the market in 2027. Both will be powered by GM’s next-generation Ultium battery technology.
Two reasons why this is a big story. First is the shared use of a battery platform. Second is a sticker price under $30,000. Most EV’s aren’t cheap, the US average is $60,000. With a target market of North & South America and China, there is huge potential.
The scale of the joint venture could create a tipping point for pricing. Common parts and standardized factory equipment will lead to lower costs.
This isn’t the first tie-up between the two. Honda will roll out 2 GM-produced EV’s next year. It won’t be the last.
I’m Dave Spano from Annex Wealth Management. That is your Know the Difference Minute.