Honda will commit $2.75 billion as part of an agreement with GM’s self-driving technology subsidiary Cruise to develop a new autonomous vehicle.

The vehicle will be produced at high volume for global deployment, the companies said in announcement Wednesday.

As part of the agreement, Honda will invest $2 billion over the next 12 years into the effort. Honda’s investment of $750 million values Cruise at $14.6 billion.

The three companies plan to “explore global opportunities for commercial deployment of the Cruise network.”

“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,” GM Chairman and CEO Mary Barra said in a statement. “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.”

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