Honda, Cruise and General Motors have announced that they have teamed up to develop a new autonomous vehicle. As part of the new agreement, Honda will invest $750 million in Cruise and work with the two companies to develop a purpose-built autonomous vehicle for Cruise.

In addition to the equity investment in Cruise, Honda will contribute $2 billion over 12 years in the partnership, bringing the total commitment to $2.75 billion. The goal of the new autonomous vehicle is to make sure that it can serve a variety of uses and be manufactured at a high enough volume that it can be used globally.

“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,” said General Motors Chairman and CEO Mary Barra. “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.”

The three companies will also explore more global opportunities to deploy the Cruise network.

“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,” said Honda Executive Vice President and Representative Director COO Seiji Kuraishi. “We will complement their strengths through our expertise in space efficiency and design to develop the most desirable and effective shared autonomous vehicle.”