Today's Hard|Forum Post
Today's Hard|Forum Post

Monday January 04, 2016

GM Invests $500 Million In Lyft

General Motors and Lyft announced a partnership today that has GM investing $500 million in the ride sharing service. In addition to developing an autonomous on-demand network of self-driving cars, a nation wide short-term car rental service is in the works that allows people without a car to earn money driving for Lyft.

The founders of Lyft, the ride-hailing service, have long imagined that the future of transportation would involve fewer cars on the road. Now General Motors is helping the start-up reach that goal. Lyft announced on Monday that G.M. invested $500 million in the company, or half of its latest $1 billion venture financing round. The funding, which recently closed, values Lyft, which is based in San Francisco, at $4.5 billion.