General Motors and its Cruise Automation subsidiary have been leaders in the automated driving space in recent years, while Honda has definitely been lagging behind, taking a more cautious approach to deployment. That’s about to change as Honda, GM and Cruise have just announced that they will jointly develop a new purpose-built automated vehicle to produced and scale and deployed globally.
Honda will become the second outside investor in GM Cruise LLC, joining the Softbank Vision fund which earlier this year announced an investment of up to $2.25 billion in the GM subsidiary. Honda will make a $750 million equity investment in GM Cruise. Honda has also committed to spending $2 billion through 2030 on the joint initiatives with GM Cruise. The new investment brings the valuation of GM Cruise to $14.6 billion.
Read the article at Forbes.