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Honda to invest $2.8bn in GM's self-driving car unit Honda to invest $2.8bn in GM's self-driving car unit
(about 4 hours later)
Honda will invest $2.75bn (£2.1bn) and take a stake in General Motors self-driving unit, GM Cruise, as firms continue to team up in the race to develop autonomous vehicles. Honda is to invest $2.75bn (£2.1bn) and take a stake in General Motors' self-driving unit, GM Cruise, as firms continue to team up in the race to develop autonomous vehicles.
The Japanese carmaker said it wants develop a self-driving car that could be manufactured at high volume. The Japanese carmaker said it wanted to develop a self-driving car that could be mass produced.
Earlier this year, Japan's Softbank invested $2.25bn in GM Cruise. It comes as Toyota and Softbank created a new venture to develop transport services using autonomous vehicles.
Honda's shares were up 1.2% in early Tokyo trade following the announcement and GM's shares rose 2.1% in the US. A series of accidents have left some consumers wary of driverless cars.
Honda will contribute approximately $2bn over 12 years to self-driving vehicle initiatives, which together with a $750m equity investment in Cruise, brings its total commitment to the project to $2.75bn, the two firms said in a statement. 'Mobility services'
Under the tie-up with GM, Honda will contribute approximately $2bn over 12 years to self-driving vehicle initiatives, which together with a $750m equity investment in Cruise, brings its total commitment to the project to $2.75bn, the two firms said in a statement.
Analysts have said that GM is among the leaders in the development of self-driving vehicles.Analysts have said that GM is among the leaders in the development of self-driving vehicles.
Honda's investment in GM Cruise, together with Softbank's recent investment, values the firm at $14.6bn. Earlier this year, Japan's Softbank invested $2.25bn in GM Cruise. Honda's investment in GM Cruise, together with Softbank's recent investment, values the firm at $14.6bn.
GM was criticised for overpaying for it when it bought a majority stake in the start-up two years ago for $1bn. Softbank has also announced a partnership with Toyota to provide "new mobility services", which includes the development of autonomous services.
Founded by engineer Kyle Vogt in 2013, San Francisco-based Cruise developed Chevy's first driverless cars, some of which are still on the roads in the US. The Japanese pair have created a joint venture partner called MONET - short for mobility services - that will start with 2bn yen in capital.
Amid the many concerns over the safety of autonomous vehicle technologies, GM Cruise argues the technology they are working on allows self-driving cars to see more than a human driver would. It plans to use Toyota's electric cars to provide autonomous services in the coming years.
In each car, 10 cameras are installed that take pictures at a frequency of 10 shots per second, the firm says. "Possibilities include demand-focused just-in-time mobility services, such as meal delivery vehicles where food is prepared on the move, hospital shuttles where onboard medical examinations can be performed, mobile offices," the companies said.
The rush to develop self-driving technology comes amid some consumer concern over safety.
Uber briefly suspended self-driving cars tests in March after a fatal accident in the US, while a self-driving car owned by Apple was involved in an accident this month.
San Francisco-based GM Cruise, which developed Chevy's first driverless cars, argues the technology it is working on allows self-driving cars to see more than a human driver would.
In each car, 10 cameras are installed that take pictures at a frequency of 10 shots per second.
"We see more of what is going on around the car at any given time than a driver can," GM Cruise said."We see more of what is going on around the car at any given time than a driver can," GM Cruise said.