GM Invests $500-Million into Lyft Service

    General motors is giving a “Lyft” to a popular ride-sharing service.

    FOX’s Pat O’Neill has the details:

    GM is pumping $500-million into the company Lyft… A key rival of Uber.

    The two companies plan to open several hubs where Lyft drivers will be able to rent GM vehicles. That could expand Lyft’s business by giving people who don’t own cars a way to earn money with Lyft.

    For the long term, the companies plan to develop a fleet of vehicles that can be summoned with Lyft’s software. GM will also get a seat on Lyft’s board, which could speed up efforts to develop on-demand self-driving cars.

    The GM money is part of a $1-billion round of fund-raising for Lyft. Another big investor, Saudi Arabia’s Kingdom Holding has invested $100-million in Lyft.

    Pat O’Neill, FOX News.