Why GM Shares Are Surging Higher Premarket

General Motors Corp. GM shares were spiking in premarket trading following an agreement the legacy automaker struck with Tesla, Inc. TSLA.

In premarket trading on Friday, GM rallied 4.83% to $37.58, according to Benzinga Pro data.

Tesla’s Elon Musk and GM’s Mary Barra announced that partnership that provides GM EV customers with Tesla’s Supercharger network.

Commenting on the development, Wedbush analyst Daniel Ives said the strategic move will aid GM’s objective to expand charging access to more than 134,000 chargers available to GM EV drivers currently through its Ultium Charge 360 initiative and mobile apps.

“This was a smart partnership by GM and Barra as the Detroit stalwart is laying the foundation for a successful EV transformation over the next decade,” he said.

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