GM Up 9% After Deal With Microsoft Revealed
3 years ago
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General Motors gained as much as 8.9% to a record high on Tuesday.
The gain comes on 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.
Tuesday's price is a record-high for GM since it emerged from bankruptcy at the end of the Great Recession.
The partnership will accelerate the commercialization of self-driving vehicles.
It brings together the two companies' software and hardware engineering expertise, cloud computing capabilities, and manufacturing knowledge.
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