Updated: Feb 24
Cruise Automation and General Motors announced that they have joined forces with Honda to develop and implement their autonomous vehicle technology. Honda will contribute approximately $2 billion over 12 years to these initiatives, together with an upfront $750 million equity investment for a 5.7% stake in Cruise Automation. “This is the logical next step in General Motors and Honda’s relationship, given our joint work on electric vehicles, and our close integration with Cruise,” said General Motors Chairman and CEO Mary Barra. “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.” Honda's investment puts Cruise's value at $14.6 billion — $3.1 billion more than when SoftBank Vision Fund announced plans to invest $2.25 billion in the operations in May earlier this year.