Shares of Wejo Group Ltd. soared 17.0% in active premarket trading Thursday, after the software analytics company for electric and autonomous vehicles said it expanded and extended its current collaboration with Microsoft Corp.’s maps offering. Trading volume swelled to 2.3 million, compared with the full-day average of about 264,700 shares. “The extended relationship grants Microsoft the ability to contextualize what is going on in any road at any given time across the complete set of the Microsoft Maps offerings under the global agreement,” Wejo said in a statement. The collaboration was first announced in October 2021. “The accuracy and reliability of Wejo’s data has allowed us to develop significant improvements to our mapping services for millions of Bing Maps users,” said Nick Lee, corporate vice president of Maps and Local at Microsoft. The stock has plunged 67.3% year to date through Wednesday, while the S&P 500 has lost 13.7%.
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