GM reportedly tried to buy Lyft, was denied

GM reportedly tried to buy Lyft, was denied

Ride-sharing company Lyft reportedly turned down an offer for a buyout by General Motors.

GM has been making aggressive efforts to enter the ride-share space, evidenced by its forays in to the fast-growing industry. GM purchased the remnants of Sidecar in January after that ride-sharing company shut down in December, a casualty of the red-hot ride-sharing wars between giants Uber and Lyft.

It has also entered into a $500 million partnership with Lyft to launch on-demand autonomous vehicles by by 2019. In a similar vein, it has also launched its own car-sharing service, Maven, in a business model similar to that of Zipcar.

According to The Information, however, GM has also attempted to buy Lyft outright, but was denied by the ride-sharing firm. Extrapolating from the fact that GM’s $500 million investment in Lyft earlier this year netted it 9 percent of the company, one could estimate that the company is worth at $5.5 billion.

Toyota inked a partnership with Uber earlier this year, and Apple has invested $1 billion in Didi Kuaidi, Uber’s rival in China.

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