Lyft gets $500 mn ammunition from General Motors to drive out Uber
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Now, Lyft values at $5.5 billion. Bloomberg reported that the investment, part of a $1 billion financing round for Lyft, is the biggest move by an automaker to date.
Lyft and General Motors will now develop a network of self-driving cars that passengers can call up on-demand.
GM president Dan Ammann will be joining Lyft's board and wants the automotive industry to change more in the next five years.
Ammann added the investment in Lyft was an "alliance" rather than a battle.
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“GM is open to working with some of Lyft's international partners, which include Didi Kuaidi in China, Ola in India and GrabTaxi in Southeast Asia, Ammann said.
(Image: Thinkstock)
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