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.
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