The future of cars is driverless

The biggest funding news that greeted the New Year was General Motors’ unprecedented partnership with ride-hailing company Lyft. General Motors, one of the world’s largest car manufacturers, poured $500 million into Lyft, which completed its latest $1 billion funding round and valued the company at $5.5 billion. With the help of Lyft, the auto giant aims to create a network of autonomous vehicles and they will directly compete with Uber, who is also working on its own driverless vehicles. At face value, the deal is beneficial for both companies. The funds will help Lyft compete with its much bigger and better-funded rival Uber, while General Motors, who is still reeling from a brand-damaging recall, will get a second chance to redeem itself, as well as having a potentially lucrative new revenue stream.

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