Shares of General Motors climbed Tuesday, after software behemoth Microsoft partnered with the car company's self-driving car startup Cruise .
Microsoft and GM are leading a $2 billion investment round in Cruise. The two companies aim to combine their software and hardware engineering capabilities , cloud-computing technologies and manufacturing knowledge in the self-driving-vehicle market.
The additional funds will raise Cruise’s valuation to an estimated $30 billion, up from $19 billion when T. Rowe Price Associates Inc. invested in the company in 2019, Cruise said in a statement Monday.
"Our mission to bring safer, better and more affordable transportation to everyone isn't just a tech race – it's also a trust race," Cruise Chief Executive Dan Ammann said in a statement.