As part of a new $2 billion round of funding, Microsoft has invested in Cruise, GM’s self-driving subsidiary, sending GM’s stock up 9%.
Headquartered in San Francisco, Cruise’s mission is to bring all-electric, self-driving, shared vehicles to the market. The investment will see Microsoft become the preferred cloud provider for Cruise, as it leverages Azure to help commercialize its vehicle offerings.
“Our mission to bring safer, better, and more affordable transportation to everyone isn’t just a tech race – it’s also a trust race,” said Cruise CEO Dan Ammann. “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.”
“Advances in digital technology are redefining every aspect of our work and life, including how we move people and goods,” said Satya Nadella, CEO, Microsoft. “As Cruise and GM’s preferred cloud, we will apply the power of Azure to help them scale and make autonomous transportation mainstream.”
This latest round of investment brings Cruise’s total valuation to $30 billion. Meanwhile, GM’s stock reached an all-new, intraday high on the news, hitting $54.42 after the opening bell.