HONDA, CRUISE AND GEN­ERAL MO­TORS TO BUILD AU­TON­O­MOUS VE­HI­CLE

PMV Middle East - - PEAK PERFORMANCE -

Cruise and Gen­eral Mo­tors have joined forces with Honda to pur­sue the large-scale de­ploy­ment of au­ton­o­mous ve­hi­cle tech­nol­ogy. Honda will work jointly 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. In ad­di­tion, Cruise, Gen­eral Mo­tors and Honda will ex­plore global op­por­tu­ni­ties for com­mer­cial de­ploy­ment of the Cruise net­work.

Honda will con­trib­ute ap­prox­i­mately $2 bil­lion over 12 years to these ini­tia­tives, which, to­gether with a $750 mil­lion eq­uity in­vest­ment in Cruise, brings its to­tal com­mit­ment to the project to $2.75 bil­lion.

In ad­di­tion to the re­cently an­nounced Softbank in­vest­ments, this trans­ac­tion brings the post­money val­u­a­tion of Cruise to $14.6 bil­lion.

Mary Barra, CEO, Gen­eral Mo­tors: “This is the log­i­cal next step in Gen­eral Mo­tors and Honda’s re­la­tion­ship, given our joint work on elec­tric ve­hi­cles, and our close in­te­gra­tion with Cruise. To­gether, we can pro­vide Cruise with the world’s best de­sign, en­gi­neer­ing and man­u­fac­tur­ing ex­per­tise, and global reach to es­tab­lish them as the leader in au­ton­o­mous ve­hi­cle tech­nol­ogy – while they move to de­ploy self-driv­ing ve­hi­cles at scale.”

Seiji Ku­raishi, ex­ec­u­tive vice pres­i­dent and rep­re­sen­ta­tive di­rec­tor, Honda, said: “Honda chose to col­lab­o­rate with Cruise and Gen­eral Mo­tors based on their lead­er­ship in au­ton­o­mous and elec­tric ve­hi­cle tech­nol­ogy and our shared vi­sion of a zero-emis­sions and zero-col­li­sion world.”

Kyle Vogt, CEO, Cruise, said: “With the back­ing of Gen­eral Mo­tors, Softbank and Honda, we can ac­com­plish our mis­sion to de­ploy au­ton­o­mous tech­nol­ogy across the globe. The Honda part­ner­ship paves the way for mas­sive scale by bring­ing an ef­fi­cient, and pur­pose­built ve­hi­cle to our net­work of shared au­ton­o­mous ve­hi­cles.”

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