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GM

GM Invests $500 in Autonomous Vehicle Partnership

GMGeneral Motors will invest $500 million in ride-sharing company Lyft to create a network of on-demand autonomous vehicles in the US.

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

GM is one of the top four companies leading the autonomous vehicle technology market, according to Navigant Research. It is also among the companies each investing $1 million over three years in the $20 million University of Michigan Mcity — the world’s first controlled environment designed to test the potential of autonomous vehicle technologies that will lead the way to mass-market driverless cars.

As part of the new agreement with Lyft, GM will become a preferred provider of short-term use vehicles to Lyft drivers through rental hubs in various cities in the US. In addition, GM will hold a seat on Lyft’s board of directors.

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