Shares of U.S. auto giant General Motors Company (GM) soared 9.7% on Wall Street on Tuesday, ending at a new record high of $54.84 after the announcement of a partnership with Microsoft Corporation (MSFT) to accelerate the commercialization of autonomous cars.
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The IT group announced Tuesday that it is contributing more than $2 billion to Cruise, GM’s autonomous car subsidiary. This subsidiary, to which GM, Honda, and other investors have contributed, is now valued at more than $30 billion.
This “long-term strategic partnership” is intended to “accelerate the commercialization of autonomous vehicles” through engineering or cloud collaborations, Microsoft said. Dan Ammann, chief executive of Cruise, said that as a benchmark in technology democratization, Microsoft would enable us to extend our capability to commercialize our fully electric and shared autonomous vehicle fleet.
Last week, GM shares had already reached new heights after an aggressive electric car production initiative was revealed by the top U.S. automaker. Mary Barra, chief executive of the Detroit-based giant, announced the introduction of a new division, BrightDrop, which will sell electric utility vehicles, and its first customer, will be the logistics business for FedEx parcels. In automotive electrification, BrightDrop will deliver a full ecosystem that varies from cars to applications to related services.
FedEx Corporation (FDX) came up with bad news on Tuesday for Europe, as it plans to cut up to 6,300 jobs on the Old Continent as the U.S. delivery giant completes the integration process for TNT Express, which was acquired in 2016. The Memphis-based company shared its intentions with representatives of European employees, according to a regulatory document.
The consultation process will take place over 18 months. “This process, while difficult, will allow us, with the completion of network integration, to function as one company,” said Karen Reddington, President of FedEx Express Europe. This will allow FedEx to offer “greater coverage, accelerated delivery speed, expanded operational capabilities, and improved service levels.”
With this integration, FedEx anticipates cost savings of $275 million to $350 million per year from fiscal 2024, while the cost of the plan is estimated to be between $300 million and $575 million.
Microsoft Corporation (MSFT) was up +1.78% to $216.44 in Tuesday trading while FedEx Corporation (FDX) dropped -1.2% to close the session at $249.52.