GM jumps 9% to record high after Microsoft announces investment in the company's self-driving car subsidiary Cruise
- General Motors gained as much as 8.9% to a record high on Tuesday amid news that its autonomous vehicle subsidiary,
Cruise, is receiving a large investment from Microsoft.
- Microsoft joins a number of companies in a $2 billion funding round for Cruise which also includes backing from Honda and institutional investors.
- Tuesday's intraday price is a record-high for the auto giant since it emerged from bankruptcy at the end of the Great Recession and started trading publicly again in 2010.
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The stock rose to an intraday record high of $54.42 shortly after the opening bell. Meanwhile shares of Microsoft gained 1% to $241.92.
Microsoft joins a number of companies in a $2 billion funding round for Cruise which also includes backing from Honda and institutional investors.
The partnership will accelerate the commercialization of self-driving vehicles by bringing together the two companies' software and hardware engineering expertise, cloud computing capabilities, and manufacturing knowledge, according to a statement from Cruise.
Cruise will leverage Azure, Microsoft's cloud and edge computing platform, to commercialize its autonomous vehicle solutions at scale.
"Microsoft is a great addition to the team as we drive toward a future world of zero crashes, zero emissions and zero congestion," said GM Chairman and CEO
Tuesday's intraday price is a record-high for the auto giant since it emerged from bankruptcy at the end of the Great Recession and started trading publicly again in 2010.
The stock has soared 28% in 2021 alone. It leaped 8.8% last Tuesday after announcing an electric delivery van and revealed potential plans for a foray into flying cars.
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