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GM Acquires Stake in All-Electric Boating Business Pure Watercraft

Stock MarketsNov 22, 2021 19:04
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By Sam Boughedda

Investing.com — General Motors Company (NYSE:GM) shares soared Monday after it said it would take a 25% stake in Pure Watercraft, a Seattle-based all-electric boating company.

GM shares are up over 4.6%, at $64.48, approaching recent intraday highs of $65.18.

While there were no details provided about the amount invested in Pure Watercraft, the deal is part of GM's plan to invest $35 billion in electric and autonomous vehicle technology through 2025. The $35 billion investment will include work to improve performance and reduce battery costs.

The company is aiming to become the market leader in EVs in North America.

The collaboration will combine Pure Watercraft's marine propulsion technology with GM's engineering, supply chain, and manufacturing capabilities to help them develop and commercialize battery-electric watercraft.

"Building upon GM's existing efforts to strategically deploy our technology across rail, truck and aerospace industries, the combined expertise of these two enterprises should result in future zero-emissions marine product offerings, providing consumers with more choice than before," explained said Dan Nicholson, GM's vice president of Global Electrification, Controls, Software & Electronics.

"This joint effort with GM is expected to enable us to make significant technological advancements in range and charging, while achieving volume production," commented the founder and CEO of Pure Watercraft, Andy Rebele.

GM Acquires Stake in All-Electric Boating Business Pure Watercraft
 

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