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Gm Invests $500 Million In Lyft, Sets Out Self-Driving Car Partnership

Ron Burgundy

By Ron Burgundy,
in Tech News

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Ron Burgundy

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Ammann, President of General Motors, poses after a news conference in Sao PauloBy Steve Trousdale SAN FRANCISCO (Reuters) - General Motors Inc said on Monday it will invest $500 million in Lyft Inc and laid out plans to develop an on-demand network of self-driving cars with the ride-sharing service. The biggest single Detroit-Silicon Valley crossover deal to date comes as automakers work out how to respond to the rush of technology companies such as Apple, Alphabet and Uber - Lyft's biggest rival - to control cars of the future and likely reshape the global auto industry. It is one of GM's biggest investments in another company and the largest single cash injection to date by a traditional automaker into a young technology firm.




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