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General Motors will work with Microsoft to promote productivity. The partnership will also help to introduce new mobility services to General Motors’ customers.
The self-driving subsidiary of General Motors Company (NYSE: GM), Cruise, has partnered with Microsoft Corporation (NASDAQ: MSFT) to speed up the commercialization of self-driving vehicles. Cruise and General Motors announced the long-term partnership on the 19th of January.
Cruise and General Motors Announce Partnership with Microsoft
According to the announcement, Cruise will leverage Microsoft’s cloud and edge computing platform Azure to commercialize its autonomous vehicle. Also, Microsoft will integrate Cruise’s industry expertise to serve transportation firms worldwide.
Additionally, Microsoft is joining Honda Motor Co (NYSE: HMC) and General Motors in a combined equity investment in Cruise. As stated in the announcement, the combined equity investment is worth over $2 billion and would bring Cruise’s post-money valuation to $30 billion.
Cruise CEO Dan Ammann commented on the long-term strategic relationship with Microsoft. He said:
“Our mission to bring safer, better and more affordable transportation to everyone isn’t just a tech race – it’s also a trust race. Microsoft, as the gold standard in the trustworthy democratization of technology, will be a force multiplier for us as we commercialize our fleet of self-driving, all-electric, shared vehicles.”
Microsoft CEO Satya Nadella also said that the company would leverage its Azure to help Cruise and General Motors “scale and make autonomous transportation mainstream.”
Furthermore, the chairman and CEO of General Motors, Mary Barra, expressed her pleasure with the new relationship with Microsoft. Apart from accelerating Cruise’s electric autonomous vehicle’s commercialization, the CEO said General Motors would see other benefits from cloud computing. Barry said that GM would leverage Microsoft’s cloud computing features as General Motors unveils 30 new electric vehicles (EV) by 2025.
The announcement further stated that General Motors would work with Microsoft to promote productivity. The partnership will also help to introduce new mobility services to General Motors’ customers.
GM Stock Continuous Gains
Yesterday GM stock was up 9.72%. At press time, General Motors stock is up 1.66% to $55.75 at premarket trading. General Motors has been pulling in gains as the company announces plans to release new vehicles and unveils new products. GM surged over 57% over the past year and has grown by 31.70% in its year-to-date record. The company has also advanced more than 53% in the last three months and about 29% over the past month. In the last five days, General Motors has added 12.54%.
On the other hand, Microsoft has been recording both losses and additions over the past months. MSFT is up $217.29% at premarket trading. The current trading price is a 0.39% increase over its previous close of $216.44. The company has also gained 30.62% over the past year and about 0.76% in the last three months. In addition, MSFT climbed 0.05% in the last five days.
According to data provided by MarketWatch, Microsoft has declined by 2.69% in its year-to-date record. The company further plunged by 2.07% over the past month.