Honda has invested $750 million into Cruise, a company focused on building autonomous vehicles, according to a company announcement.
Over the next 12 years, Honda plans to contribute an additional $2 billion to the company, bringing Honda’s total commitment to $2.75 billion.
With this investment, Honda joins General Motors as the second OEM to invest into the San Francisco-based company. In 2016, Cruise formed a partnership with GM to facilitate the production of a research and development facility in San Francisco and to bolster its workforce.
Honda will now work with Cruise and General Motors to fund and develop a purpose-built autonomous vehicle for Cruise that can serve a wide variety of use cases and be manufactured at high volume for global deployment, the company stated in an announcement.
“With the backing of General Motors, SoftBank and now Honda, Cruise is deeply resourced to accomplish our mission to safely deploy autonomous technology across the globe,” said Cruise CEO Kyle Vogt. “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.”