General Motors invests $500 million in Lyft, forms partnership

By the Chicago Tribune

Jan 04, 2016

Get Plant Services delivered to your inbox Monday through Friday! Sign up for  Plant Services' complimentary Smart Minute (Monday-Thursday) and Smart Digest  (Friday) e-newsletters to get maintenance and reliability know-how you can put  to use today, plus the latest manufacturing news from around the Web, white  papers, and more. Learn more and subscribe for free today.

General Motors Co. and ride-hailing company Lyft Inc. are forming an unprecedented partnership that could help them beat their rivals to the self-driving future.

Lyft said Monday that GM invested $500 million in the company as part of a round of a $1 billion round of fund-raising.

Together, the companies plan to open a network of U.S. hubs where Lyft drivers can rent GM vehicles. Longer term, GM and Lyft will work together to develop a fleet of autonomous vehicles that city dwellers could summon using Lyft's mobile app. Partnering with GM could give Lyft a boost over its arch-rival, Uber Technologies Inc., which is working on its own driverless cars.

Read the full story on chicagotribune.com.