Deals
GM Invests $500 Million in Lyft
- Uber's biggest U.S. competitor announces $1 billion financing
- Lyft, GM to jointly develop a network of self-driving cars
Why GM And Lyft Are Teaming Up
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General Motors Co. will invest $500 million in Lyft Inc., giving the ride-hailing startup a valuation of $5.5 billion and a major ally in the global battle against Uber Technologies Inc.
The investment, part of a $1 billion financing round for Lyft, is the biggest move by an automaker to date when it comes to grappling with the meteoric rise of the ride-hailing industry.