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GM invests $500m in Lyft to build on-demand self driving cars

General Motors is betting big on the future on autonomous vehicles after investing $500m in ride sharing app Lyft to create a network of on-demand self driving cars in the US.

The investment will see GM help the Uber competitor grow its business and hold a seat on the company’s board of directors.

Beginning immediately, GM will become a preferred provider of short-term use vehicles to Lyft drivers through rental hubs in various cities in the US and Lyft drivers and customers will have access to GM’s portfolio of cars and services to leverage company's experience in connectivity.

“We see the future of personal mobility as connected, seamless and autonomous,” said GM president Dan Ammann. “With GM and Lyft working together, we believe we can successfully implement this vision more rapidly.”

Lyft was founded in June 2012 and is now available in more than 190 cities across America.

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