What happened
An offbeat and unexpected tie-up between two notable companies powered the stock of one of them. General Motors (GM -0.91%) soared to a nearly 6% gain on Thursday. The incumbent carmaker also benefited from lingering and positive investor sentiment on its latest earnings release.
So what
General Motors' atypical partner is video-streaming giant Netflix (NFLX -2.52%). Thursday morning, the two companies announced in a joint press release that they are teaming up to heighten the presence of electric vehicles (EV) in Netflix films and TV shows.
This is part of General Motors' "Everybody In" marketing campaign, which is aimed at bolstering the vehicle-maker's EV efforts. Just over two years ago, the company declared that it would entirely phase out internal combustion engines -- the ones that run on fossil fuels -- in its models by 2035.
In the press release on the new initiative, General Motors' chief marketing officer Deborah Wahl was quoted as saying: "Entertainment has a huge impact on culture. We want to make EVs famous on streaming, small and silver screens to build an EV culture through storytelling that incorporates the experiences of driving and owning an EV."
No details were provided on the financial particulars of the deal.
Now what
Netflix is a platform with an immense user base, so it's a fine choice for a concentrated marketing push.
The announcement comes at a broadly optimistic time for General Motors. On Tuesday, it unveiled its fourth-quarter 2022 results, notching convincing beats on both the top and bottom lines. The previous day, it declared its latest quarterly dividend: The company restored its payout last summer after suspending it in the thick of the coronavirus pandemic.
