GM and Honda announced plans to expand the two companies’ relationship by codeveloping a series of "AFFORDABLE" BEVs based on GMs next-generation Ultium battery technology. Announcing a new battery electric vehicle isn’t exactly headline news these days. Honda's latest collaboration with GM is a bit different. Honda will leverage the strengths of the two companies to drive down the cost of EVs, making it possible for the greatest number of customers to purchase an EV globally, as well as in North America, to purchase an EV. Each company will contribute unique values to this effort to create a new series of affordable electric vehicles. Honda has been the industry leader in creating affordable, fuel efficient and fun to drive compact vehicles and have helped Honda lead all full-line automakers in America with the highest fleet-wide fuel economy and the lowest CO2 emissions, according to the U.S. EPA. Honda's relationship with GM is a bold commitment to become a 100% EV brand. Honda plans to leverage its strengths to achieve a dramatic expansion in the sales of affordable, compact BEVs. The foundation of this collaboration is the strength of the relationship between GM and Honda, and the comfort level Honda has in joint development projects based on successful collaboration in other advanced technology projects focused on electric and autonomous vehicles. Of course, this includes the announcement in 2020 of Honda's plans to co-develop two EV SUVs, which includes the Honda Prologue and an all-electric Acura SUV. Honda will begin to launch these models in 2024. The success of the members of Honda's design and development teams working with their GM counterparts in Warren, Michigan, was a key factor in the decision to develop a new series of affordable BEVs together. At the same time, Honda is developing BEVs using its own Honda e:Architecture and they are in the pipeline. Finally, this fall Honda will mark 40 years of building automobiles in America. And I can tell you the associates at the manufacturing operations in North America are excited about the prospect of building BEVs in the years ahead. Honda already makes HEVs in Ohio and Indiana, including assembly of the battery module and two-motor hybrid system in several of these plants. Honda also just announced a major investment in its auto plants in Canada, to support their production of HEVs. At Honda, the journey to electrification has begun, and through this win-win relationship with GM, Honda will accelerate it before the end of the decade. In so doing, they can accomplish more together, for its customers and for global climate change, than either company could do alone.