Honda commits $2.75bn for self-driving cars

Honda and General Motors are coming together to develop self-driving cars.

The self-driving arm of GM, Cruise, has secured a $2.75bn investment from Honda to develop and produce a new kind of autonomous vehicle. Honda is also making an immediate and direct equity investment of $750M into Cruise, according to media reports.

“We have now attracted $5bn in external third party capital to the mission,” Dan Ammann, GM president told media, adding: “Deploying at scale will require a lot of resources, and we are attracting those resources very rapidly here in big scale, not just financial but the best possible partners we can find. This is a partnership that has a running start from other projects that we are working on.”