Lyft Declines GM Buyout Offer
Lyft Declines GM Buyout Offer

Lyft Declines GM Buyout Offer

Lyft Declines GM Buyout Offer

Although Lyft is looking for money to compete with Uber, the ridesharing company turned down an offer to be purchased by General Motors.
According to Tech Insider, citing a report by The Information, General Motors and Lyft are already working together.
Earlier this year, GM bought 9% of Lyft for $500 million. The two companies are currently testing self-driving technology and are using a fleet of specially equipped Chevy Bolt EVs in San Francisco, California, and Scottsdale, Arizona, to further develop the technology.
The plan is to introduce a fleet of self-driving Lyft rideshare cars that don’t need drivers.
According to The Information, General Motors initially approached Lyft about buying the company. Lyft checked with other potential buyers but then turned GM down.
Apparently, Lyft now plans to seek an additional funding round to further its fight with Uber for the US market share.
Uber recently merged with rideshare company Didi in China, which enabled Uber to focus more on market dominance in the US.
Although Lyft’s market share has been growing in larger cities, Uber still rules the industry.
Strategically, General Motors appears most interested in building a self-driving vehicle rideshare network with Lyft. Like Uber, Lyft has stated that its plan for the future includes fleets of driverless cars, at least within cities.
Now it looks as if GM and Lyft will continue their partnership, with General Motors possibly increasing its investment in the company, despite Lyft’s sale refusal.


Short URL : http://goo.gl/aMZnWU
  1. http://goo.gl/Px3rAa
  • http://goo.gl/EgMYqr
  • http://goo.gl/jTiHdd
  • http://goo.gl/YiyC7w
  • http://goo.gl/Jkk3R1

You can also read ...

Economic War on Iran Is War on Eurasia Integration
Hysteria reigned supreme after the first round of US sanctions...
German Rail Operator, Deutsche Telekom End Iran Projects
German rail operator Deutsche Bahn and Deutsche Telekom are...
Emirati Paper: Baghdad Expected to Maintain Strong Economic Ties With Tehran
Iraq’s ties with Iran are likely to grow stronger as a result...
 New ATR Planes Join Iran Air Fleet
The ATR 72-600 planes recently delivered to Iran Air have...
Decline in Forex  Rates Expected
While the foreign exchange rates are still considered bullish...
NZ Exporters Wary of Rising  US-Iran Trade Tensions
New Zealand exporters are looking to worsening US-Iran...
 TPO Clarifies Import Ban List to Foreign Traders
The recent ban imposed on the import of certain products has...
Australian Teen Hacked Apple’s Computer Network
An Australian teenager has pleaded guilty to hacking into the...