Autos

GM Generously Pours $500 Million Into Uber-Wannabe Lyft

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General Motors is about to make Lyft’s dream come true; with a whopping amount of $500 million donation to nurture the latter’s business into being a service that would bring fewer cars on the roads in the future. And should Uber be more afraid now, considering the pour-in would undeniably increase Lyft’s valuation?

Apparently, GM’s funding is not only for financial backing, it’s a little more than that; there will be a collaboration between GM and Lyft to develop an on-demand network of self-driving cars. In other words, that’s something Google, Tesla and Uber have devoted most of their time in recent years in toying with and perfecting the EV technology. In addition, GM and Lyft would also be setting up a series of short-term car rental hubs across the US, especially for people who are carless that they can literally pick a Lyft car to earn their income. Something like Uber, if you may say so.

Well, it’s still quite a distance to catch up to Uber, but they are certainly getting there.