GM, Honda team up to produce self-driving vehicles

General Motors and Honda are teaming up on self-driving vehicle technology as big automakers and tech giants race to be first in their development.

Honda Motor Co. will invest $2.75 billion in the autonomous vehicle unit run by General Motors Co., called GM Cruise.

The goal, the companies said Wednesday, is to develop an autonomous vehicle that can be produced at a high volume for global deployment. The companies will also explore global opportunities for commercial deployment of the Cruise network.

Honda will make an immediate investment of $750 million, and spend $2 billion over 12 years on the project.