General Motors Invests $500 Million in Lyft
Ride-hailing service Lyft announced that General Motors had invested $500 million in the company.
The investment amounts to half of Lyft’s recent $1 billion venture financing round, which valued the company at $4.5 billion.
As part of the deal, the Detroit-based automaker will work with Lyft on developing an on-demand network of self-driving cars. Lyft will appoint Daniel Ammann, GM’s president, to its board.
General Motors said it plans to also work with Lyft to set up short-term car rental hubs across the Untied States where individuals who want to drive for Lyft can rent a car for that purpose.
(Photo: Accura Media Group)