Honda says its first reusable rocket launch was successful as the Japan's second-biggest automaker marked a key milestone to create its space wing by 2029.

Honda succeeded in a launch and landing test of its prototype reusable rocket on Tuesday, the Japanese company said in a surprise announcement, marking a milestone towards its 2029 goal of achieving a suborbital spaceflight.

Honda's experimental reusable rocket is pretty small compared to SpaceX's Falcon, but the company's entry in the space race might help stir up the competition.