GM's $500 Million Investment in Lyft Includes 'Long-Term' Alliance on Autonomous Vehicles
General Motors said it’s investing $500 million in Lyft to aid the mobile taxi service’s continued “rapid growth” and entering into a “long-term strategic alliance to create an integrated network of on-demand autonomous vehicles in the U.S.” GM said Monday…
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it will get a seat on Lyft’s board. GM’s investment was part of a fundraising push that netted Lyft $1 billion that will go toward additional branding and product development. “Working with GM, Lyft will continue to unlock new transportation experiences that bring positive change to our daily lives,” said Lyft President John Zimmer in a GM news release. The GM-Lyft joint development of on-demand autonomous vehicles will “leverage GM’s deep knowledge of autonomous technology and Lyft’s capabilities in providing a broad choice of ride-sharing services,” GM said. The car company will also become the “preferred provider” of short-term use vehicles to Lyft drivers. GM and Lyft will “provide each other’s customers with personalized mobility services and experiences through their respective channels,” GM said. GM CEO Mary Barra is scheduled to keynote CES on Wednesday at 1 p.m.