Today US multinational corporation General Motors invested $500 million in Lyft – one of Uber’s main ride-hailing rivals. The Detroit manufacturing company will now have a seat on Lyft’s board. John Zimmer, Lyft’s president and co-founder, stated that the money will go towards developing new products and brand awareness. For example, GM plans on investing in self-driving cars that people can easily hail. The investment by the $53 billion company will greatly help Lyft compete against Uber which is valued at around $50 billion.
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Story Source: USA Today