General Motors is investing $ 500 million in ride-hailing giant Lyft as both companies team up to develop a “network of on-demand autonomous vehicles.” The substantial investment announced on Monday will help San Francisco-based Lyft grow its transportation service and is part of a larger $ 1 billion Series F round it closed today. The company has raised $ 2 billion since 2013 and is now valued at $ 5.5 billion, post-money — still a long ways from its main competitor Uber, which is valued at more than $ 60 billion. As for GM, this deal is not only about backing Lyft with cash and a seat on the company’s… Read More
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