Honda Motor Co. and General Motors Co. said Tuesday they will expand their tie-up to include joint development of a series of affordable electric vehicles, starting sales in North America from 2027.

The new EVs will be powered by next-generation lithium-ion batteries, with the expected sales price to be below $30,000 per vehicle. Several models, including a compact crossover, are being considered.

Honda and GM plan to produce several million vehicles at their plants. They also plan to discuss working together on future EV battery technology, the two companies said in a joint press release.

"Honda and GM will build on our successful technology collaboration to help achieve a dramatic expansion in the sales of electric vehicles," Toshihiro Mibe, Honda's chief executive, said in the press release.

This is the latest joint project between the Japanese and U.S carmakers. The two automakers said in 2020 that they would jointly develop two EV models to launch in the North American market in 2024. They have also teamed up in some fuel-cell vehicle operations.

The two automakers will "share our best technology, design and manufacturing strategies to deliver affordable and desirable EVs on a global scale, including our key markets in North America, South America and China," said Mary Barra, GM chair and CEO.

Global automakers such as Toyota Motor Corp. and Volkswagen AG also plan to boost their offerings of electric vehicles on the back of global moves toward carbon neutrality over the next several decades.

Honda is stepping up forming partnerships in the EV business. In March, the carmaker said it agreed to jointly produce electric vehicles with Sony Group Corp.

The Japanese automaker has set a goal of having EVs or fuel cell electric vehicles account for all its new vehicles sold worldwide by 2040.