General Motors Salvages Ride-Hailing Company Sidecar for Parts
- The automaker is buying the startup's technology and assets
- Acquisition signals automakers' growing wariness on Uber
NEW YORK CITY, UNITED STATES - SEPTEMBER 23: Congested street in New York, cars and busses leaving Manhattan on September 23, 2014, in New York City, United States. Photo by Thomas Koehler/Photothek via Getty Images)***Local Caption***
Photographer: Thomas Koehler/Photothek via Getty ImagesGeneral Motors Co. is following up its $500 million bet on Lyft Inc. with another flashy, though far less costly, move to fortify itself against the rise of Uber Technologies Inc.
The automaker has acquired the technology and most of the assets of the San Francisco-based ride-hailing pioneer Sidecar Technologies Inc. GM is also bringing on board around 20 employees from the Sidecar team, including co-founder and Chief Technology Officer Jahan Khanna. Co-founder and Chief Executive Officer Sunil Paul is not joining GM.