General Motors and Honda will jointly develop next-generation electic vehicle battery components that could be used in future products, the companies announced.

Under the agreement, the companies would develop advanced chemistry compounds, including the cell and module, to accelerate development of the future battery-electric vehicles.

General Motors would develop the next-generation battery system, and Honda would source the battery modules from GM.

"This new, multiyear agreement with Honda further demonstrates General Motors’ capability to innovate toward a profitable electric portfolio," said Mark Reuss, GM's executive vice president of global product development, purchasing, and supply chain. "GM’s decades of electrification experience and strategic EV investments, alongside Honda’s commitment to advancing mobility, will result in better solutions for our customers and progress on our zero emissions vision."

GM and Honda are building on an existing relationship with the goal of development an advanced fuel cell system for vehicles by 2020.

Related: GM to Start EV Rollout in 2021