DETROIT -- Honda Motor Co. will invest $2.75 billion into General Motors' autonomous vehicle operations.
The Japanese automaker will receive a 5.7 percent stake in GM Cruise LLC, or Cruise Automation, for the investment, which includes an immediate $750 million and another $2 billion for development and deployment of self-driving vehicles over the next 12 years.
The investment values Cruise at $14.6 billion -- $3.1 billion more than when SoftBank Vision Fund, a prominent technology investment firm, announced plans to invest $2.25 billion in the operations in May.
That deal gave SoftBank a 19.6 percent stake in GM Cruise, which includes Cruise and Strobe Inc., a lidar company GM acquired in October 2017.
The investment from Honda comes roughly nine months after GM announced plans to launch public ride-hailing services with self-driving vehicles that don't have manual controls such as steering wheels and pedals, starting in 2019.
GM previously said it planned to begin testing its autonomous vehicles this year in New York. However, the company had not provided any updates on those plans.
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