Lyft turned down a purchase offer from General Motors

gm lyft purchase denied founders 0318 1500x1003
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 (subscription required).

General Motors and Lyft are already working together. Earlier this year GM bought 9 percent 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 U.S. market share.

Uber recently merged with rideshare company Didi in China. According to Tech Insider, this enabled Uber to focus more on market dominance in the U.S. 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.

The two companies have not set a time for their joint autonomous car testing development program to actually put cars on the road. Rumors that the first cars would be launched in January 2019, based on a IEEE report, were squashed when the report was retracted. The first phase would likely still have drivers behind the wheel. Eventually, however, General Motors would be able to leverage its experience and the ongoing network to expand broadly, with GM building the electric, self-driving cars and Lyft overseeing the ride-hail network.

So now it looks as if GM and Lyft will continue their partnership, with General Motors possibly increasing its investment in the company — but Lyft is not selling to the General.


How autonomous ridesharing will reshape our cars, cities, and lives

Ridesharing is a growing phenomenon, and it’s closely linked with developments in autonomous and connectivity technology. In the coming decades, shared mobility will even change the way cities around the world develop.
Smart Home

Kroger supermarket chain tests driverless grocery deliveries in Arizona

Kroger and autonomous delivery innovator Nuro began a pilot program in Scottdale, Arizona, for grocery home deliveries with Prius cars to test the self-driving concept. The first tests do not use the purpose-built Nuro vehicle.

Volvo leverages the power of software to build more dynamic cars

Volvo has asked sister company Polestar to make its cars more dynamic to drive through a software update. Offered at an extra cost, the AWD optimization upgrade sends more power to the rear wheels when the driver turns on dynamic mode.

Apple Car may make its debut in the middle of the next decade

Apple likely won't become a full-fledged manufacturer like General Motors or Ford, but the tech giant is diving into the auto industry pool. Here's everything we know about the company's automotive efforts.

From Rolls-Royce to Lamborghini, these are the most expensive cars in the world

If you recently discovered an oil reserve in your backyard, you probably have some extra cash to spend. Look no further, because we’ve rounded up the most expensive cars in the world.
Emerging Tech

This robot arm could soon recharge your electric car, no driver effort required

Researchers in Austria have developed a smart robotic charger that can automatically plug itself into any electric vehicle, no driver effort required whatsoever. What could be simpler?
Product Review

Grins come standard: Mazda's 2019 MX-5 Miata will plaster a smile on your face

We take Mazda’s updated 2019 MX-5 Miata on a road trip from San Luis Obispo to San Francisco to experience the updates. With a revised engine and more power, the already awesome Miata gets even better.

Can BMW’s rebooted 3 Series regain gold standard for sport sedans?

The BMW 3 Series lost its way in 2012; once the gold standard in the sport sedan segment, it disappointed by not living up to BMW's promise of delivering the ultimate driving machine. Can the new model right those wrongs?

Learn how Ford trains the test drivers who develop its hottest performance cars

Out of 11,000 Ford test drivers, only about 20 have achieved the elite "tier-four" status that qualifies them to work on performance cars. Here's how those drivers earn their stripes.

Sporty electrified Infiniti Prototype 10 concept headed to Pebble Beach

Infiniti will unveil a new concept car at the 2018 Pebble Beach Concours d'Elegance. The Nissan luxury brand won't say much, but promises an electrified powertrain and an emphasis on performance.

Ford’s Mustang Cobra Jet strikes as quickly as its venomous namesake

The 2018 Ford Mustang Cobra Jet is a purpose-built drag racer that will run the quarter mile in around eight seconds, according to Ford. It will be as rare as it is quick, with just 68 cars planned.

How to watch Formula 1 online

There are plenty of Formula 1 races every year, many of which take place in some of the most beautiful cities in the world. Check out our brief guide on how to watch Formula 1 online, if you're looking to keep up on the action.

Whistleblower says a drug-peddling Mexican cartel thrives in Tesla’s Gigafactory

A former Tesla employee says the firm covered up links between some of its workers and a Mexican drug cartel, spied on its employees by wiretapping their phones, and failed to report a $37 million theft. Tesla denies the claims.

Redesigned 2019 Subaru Forester crossover starts at $25K, hits showrooms in fall

The 2019 Subaru Forester hits showrooms this fall with more tech than ever, including a system that uses facial recognition to detect driver fatigue. Pricing starts at $25,270, but goes up to $34,295 for the top Touring model.