General Motors and Honda announced an agreement for new advanced chemistry battery components, including the cell and module, to accelerate both companies' plans for all-electric vehicles.

The battery is intended to deliver high energy density, small packaging and fast charging capabilities for both companies' future products, mainly for the North American market.

Under the agreement, the companies will collaborate based on GM's "next-generation" battery system. Honda would source battery modules from GM.

GM and Honda earlier formed a joint venture to produce a hydrogen fuel cell system by around 2020. The development teams are working to deliver a more affordable commercial solution for fuel cell and hydrogen storage systems.

General Motors and affiliates produce and sell vehicles under the Chevrolet, Cadillac, Baojun, Buick, GMC, Holden, Jiefang and Wuling brands. Honda designs, manufactures and markets automobiles, motorcycles, power products and aviation products worldwide, and produces nearly 28 million engines annually for its three product lines.