GM Stock Rose as Netflix and GM Struck a Deal to Market EVs

GM Stock

GM Stock (NYSE:GM)

The General Motors Company (NYSE:GM) recently announced that it would collaborate with the streaming service Netflix (NASDAQ:NFLX) to integrate its electric cars into various Netflix original shows and films. Interestingly, the agreement is not a standard product placement contract since GM is not paying Netflix for the publicity given to electric vehicles (EVs). Instead, the transaction is part of a shared commitment to promote EVs. As a result, GM stock surged in the market on Thursday. 

The carmaker based in Detroit referred to Netflix as an excellent partner due to the company’s narrative track record, dedication to sustainability, and ability to zero in on cultural trends.

“The cultural world is profoundly influenced by the entertainment industry. We aim to make electric vehicles (EVs) popular on streaming services, as well as on small and big screens so that we can establish an EV culture via the use of narrative that includes the experiences of driving and owning an EV “Deborah Wahl, who is the Global Chief Marketing Officer for GM, said this.

During the next year, GM electric cars will be featured in a variety of shows and documentaries produced by Netflix, including Love is Blind, Queer Eye, and Unstable. On the streaming service, you can see electric cars such as the Chevrolet Bolt EUV, the GMC Hummer EV Pickup, and the Cadillac LYRIQ, amongst others.

Will Ferrell will appear in a commercial for the firms to promote their relationship, which will be shown during the Super Bowl on February 12 and include the companies.

The opening bell on Thursday brought a rise of 1.96% for GM stock, while Netflix stock went higher by 1.22%. GM’s profits helped ease some investor worry about the company’s near-term performance, contributing to the stock’s more than 8% weekly gain.

Featured Image: Pexels @ Pixabay

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