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GM Invests $500 Million in Lyft, Plans System for Self-Driving Cars

From nasdaq.com

General Motors Co. is betting $500 million that ride-hailing services such as Lyft Inc. will be crucial to the future of autonomous vehicles. The auto maker has invested that sum in Lyft as part of a new $1 billion round of funding, the companies said Monday. Saudi Arabia's Kingdom Holding Co., Janus Capital Management and Japanese e-commerce major Rakuten Inc. also contributed to the financing, which values Lyft at $5.5 billion. The deal marks the first time a large car maker has joined with a ride-hailing company, whose services threaten auto sales as more urban commuters hail rides from Lyft and Uber Technologies ... (full story)

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