DETROIT — Honda is teaming up with General Motors to develop autonomous vehicles, committing $2.75 billion to the project.
Honda will work with Cruise, General Motors' autonomous vehicle technology company, to develop and mass produce a self-driving car to be sold globally, officials said Wednesday in a release.
"Together, we can provide Cruise with the world's best design, engineering and manufacturing expertise, and global reach to establish them as the leader in autonomous vehicle technology – while they move to deploy self-driving vehicles at scale," General Motors chairman and CEO Mary Barra said in a release.
The investment raises the value of Cruise to $14.6 billion.
"The Honda partnership paves the way for massive scale by bringing a beautiful, efficient, and purpose-built vehicle to our network of shared autonomous vehicles," Cruise CEO Kyle Vogt said in a release.
We’re proud to announce that @Honda is investing $2.75 billion dollars in Cruise and has chosen to partner with us and @GM. This partnership will help us to create a new purpose-built autonomous vehicle.https://t.co/4ffuLcvIOM
— Cruise Automation (@Cruise) October 3, 2018
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