Honda to Invest $2.75 Billion in GM's Self
Honda will work with GM Cruise LLC to develop a purpose-built driverless car from the ground up that can be manufactured in high volumes and deployed globally. The companies are also exploring opportunities to establish a network of autonomous vehicles. "This is a partnership that has a running start to it and will allow us to move very quickly," said Dan Ammann, GM's President. Honda will invest the $750 million immediately into GM Cruise, while the $2 billion will be spread out over 12 years, the companies said Wednesday. Honda will take a 5.7% stake in Cruise as a result.
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