SiriusXM Holdings (SIRI - Free Report) has announced extension and expansion of its relationship with General Motors (GM - Free Report) .
The long-term pact has been extended to 2027. General Motors will increase vehicles equipped with SiriusXM to nearly all Chevrolet, Buick, GMC and Cadillac vehicles beginning with the 2021 model year.
Customers buying or leasing the GM vehicles will continue to receive a three-month trial subscription to SiriusXM All Access. This offer also applies to those who buy or lease pre-owned vehicles.
Moreover, General Motors will keep rolling out its integration of SiriusXM with 360L, combining satellite and streaming content delivery in a single in-vehicle entertainment option.
SiriusXM’s 360L Offering- A Game Changer
360L, SiriusXM's newest and most advanced audio entertainment platform, appears to be the next step in increasing SiriusXM’s automotive presence after the 2018 launch of its Automatic connectivity service for car dealers.
360L debuted with the 2019 Ram 1500, and is now poised to massively increase its footprint. In addition to the 200+ live SiriusXM channels, 360L features on-demand programming options from a library of more than 10,000 hours of SiriusXM content – including SiriusXM exclusive interviews, shows, performances and other content recommendations.
Additionally, 360L comes with enhanced sports play-by-play offering that makes it easier to find the listener’s favorite team when it is game time, and gives them access to the official broadcasts for more pro and college teams.
Moreover, the platform also enables multiple drivers and passengers to customize and maintain their own presets and favorites through individual vehicle profiles.
Expanding Partnerships With Automakers to Boost the Top Line
Sirius XM’s healthy relationships with automakers is expected to boost the adoption of its 360L service, thereby driving the top line.
In July, SiriusXM announced that SiriusXM with 360L will be available to BMW customers for the first time in most 2021 BMW model year vehicles starting with July production. Additionally, SiriusXM with 360L will make its debut in Ford Motor Company (F - Free Report) vehicles in 2021 F-150.
This Zacks Rank #3 (Hold) company inked a long-term agreement with Toyota Motors (TM - Free Report) to extend the deal till 2028, starting with 2020 Toyota models. Notably, the extended partnership was primarily due to increased demand for Sirius XM services from Toyota’s dealers and customers. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Moreover, the company extended connected vehicle agreements with Nissan and Infiniti till 2022. Earlier, Sirius XM extended agreements with original equipment manufacturers (OEMs) like Audi, Mazda, Land Rover, Mercedes-Benz, Jaguar and Volvo to install its services in their vehicles by 2020.
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