Report – General Motors attempting to acquire ride-sharing service Lyft image

According to local US media, Silicon Valley ride-sharing company Lyft has opted to reject a takeover attempt issued by General Motors – which is currently a large investor.

If the move had been successful the feat would have made the largest US automaker a major player in the emerging field of alternative mobility – GM already bought for half a billion about 9 percent of Lyft and even owns San Francisco based rival Sidecar. Of course the report hasn’t been commented upon either by GM or Lyft but it appears insiders include a “person briefed on the situation,” and also comes after a period when Lyft was actually actively looking for a buyer. The ride-sharing service’s founders, John Zimmer and Logan Green talked to investment banking firm Qatalyst Partners, and then sought new investors – including Gm which pumped 500 million dollars.

In the United States Lyft acts as the second biggest ride-share service provider – behind segment leader Uber. Meanwhile, on a global scale the largest player is actually China’s Didi Chuxing. And the Beijing firm actually managed to engulf this month Uber’s business in the Chinese market – Apple is among the billion investors into the Chinese-based service. About 30 billion dollars have been pumped into various ride-sharing services, including capital from Volkswagen (Gett), BMW (Scoop), Toyota (Uber) or Ford – which has a host of different alternative mobility programs, including both ride- and car-sharing.

Via The Detroit Bureau

  • Sean Harris

    stay the course john B-)