Honda, GM to Tie Up on Self-Driving Tech

October 4, 2018

New York- Major Japanese automaker Honda Motor Co. and U.S. industry leader General Motors Co. said Wednesday that they will jointly develop autonomous driving technology to win intensifying global competition.

Under the tie-up deal, Honda will invest 750 million dollars in GM Cruise Holdings LLC, a GM subsidiary, which develops self-driving vehicles.

Honda will also provide about 2 billion dollars over 12 years to fund specific projects.

The three companies, in particular, plan to develop vehicles for driverless ride-sharing services and deploy those vehicles worldwide.

An investment fund established by Japan's Softbank Group Corp. is holding a stake in Cruise.

The corporate value of Cruise is estimated to increase to 14.6 billion dollars after Honda's investment.

GM has set a target of mass-producing completely driverless vehicles in 2019. Jiji Press