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GM invests $500 million in Lyft, plans self-driving car partnership

  • General Motors Inc has
    it will invest $500 million in cab-hailing firm Lyft Inc, and laid out plans to
    develop an on-demand network of self-driving cars with the ride-sharing
    service,
    Reuters reported.
  •  
  • The biggest single Detroit-Silicon Valley crossover deal to date comes as
    • General Motors Inc has
      it will invest $500 million in cab-hailing firm Lyft Inc, and laid out plans to
      develop an on-demand network of self-driving cars with the ride-sharing
      service,
      Reuters reported.
    •  
    • The biggest single Detroit-Silicon Valley crossover deal to date comes as
      automakers work out how to respond to the rush of technology companies such as
      Apple, Alphabet and Uber – Lyft’s biggest rival – to control cars of the future
      and likely reshape the global auto industry.
    •  
    • The No. 1 US
      automaker’s investment accounts for half of Lyft’s latest $1 billion
      fundraising round. It is one of GM’s biggest investments in another company and
      the largest single cash injection to date by a traditional automaker into a
      young technology firm, according to the report.
    •  
    • The two companies
      said the partnership was based on the shared view that self-driving cars will
      first reach consumers as part of a ride-sharing service, rather than vehicles
      owned by drivers.
    •  
    • “We think our
      business and personal mobility will change more in the next five years than the
      last 50,” GM President Dan Ammann said in an interview with
      Reuters.
    •  
    • The partnership will
      tap into GM’s work on driverless cars and Lyft’s software that matches drivers
      and passengers and calculates routes, to create a network of cars that would
      operate themselves and be available on demand.
    •  
    • The two companies did
      not set out a timeline to get the on-demand network up and running, but said
      they would immediately offer Lyft drivers short-term rentals of GM cars.
    •  
    • The announcement came
      as Toyota Motor Corp and Ford Motor Co said they would adopt the same software
      to link smartphone apps to vehicle dashboard screens.
    •  
    • Toyota and Ford, two of the world’s biggest automakers,
      invited rival car companies to join them to counter the push by Apple,
      Alphabet, Tesla Motors Inc and others into self-driving cars, or what the
      industry calls autonomous vehicles.
    •  

     

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