tiptrot.com October 23, 2017

Google could invest $1 billion in Lyft

16 September 2017, 12:30 | Cedric Leonard

Alphabet CEO Larry Page's company is reportedly interested in taking a big stake

Larry Page

The investment discussions come months after Alphabet's self-driving vehicle unit, Waymo, announced a partnership with the ride-hailing app. Waymo and Lyft will combine resources to collaborate on self-driving technology that could alter the ride-hailing industry.

In May, Lyft announced a partnership with Alphabet presumably created to find a vehicular home for the self-driving auto technology being developed by Waymo, the new name for Google's eight-year-old autonomous vehicle program.

An unnamed source told Bloomberg that Alphabet's investment could amount to $1 billion.

An investment from Alphabet could provide a boost to Lyft as its battles Uber for market share in the USA and would also enable Lyft to ensure its independence for the near future. Like Uber, Lyft believes self-driving cars will be a boon to ride-sharing, and is moving aggressively to develop the technology.

Lyft has to date raised more than $2 billion in venture capital funding from sources such as General Motors, Andreessen Horowitz, Mayfield, Floodgate and activist investor Carl Icahn.

Lyft and Alphabet's friendly relationship ramped up last spring.

Furthermore, the substantial funding could make a big impact on the United States ride-hailing market, in which Lyft has already gained market share this year as a result of Uber's series of scandals. Lyft and Alphabet declined to comment.

Uber is now in the process of trying to secure more funding, with Lyft set to expand into Canada - which would be its first global expansion.

If the investment pushes through, it will add to the already-heavy plate of problems of Uber and its new CEO.

With an extra $1 billion to play with, Lyft could suddenly find itself in a position to embark on an even more ambitious growth program.

In San Francisco, the company has expanded its shuttle service with a total eight routes, and it has six sroutes in Chicago.

Other News

Trending Now

Cardinals' Johnson has dislocated wrist: coach
The Arizona Cardinals suffered a significant loss on Sunday when dynamic running back David Johnson was lost to a wrist injury. But Wetzel is better at left tackle, Arians said. "I really expect our five-star players to bounce back pretty quick".

Putin Sought Reset With Trump, US Military
The U.S. and Russia have become increasingly wary of each other after Russian-backed hackers interfered in the 2016 election. The State Department has been less forthcoming about the Kremlin's proposal.

James Franklin slights Pitt after Penn State's win
During the fourth quarter, down by two touchdowns against mighty Penn State , the Pittsburgh Panthers did the unthinkable. Last year, Pitt beat Penn State , 42-39, in the first meeting between the schools in 16 years.

South Africa's Kevin Anderson storms into US Open final
However, he was still unable to find any replies to the invincible Anderson serve and thus remained on serve in the early stages. Carreno Busta , like most Spaniards, grew up on claycourts but has successfully adapted his game for other surfaces as well.

Hurricane Jose twists in Atlantic
Over the weekend it is expected to harmlessly turn north and end up somewhere between Bermuda and The Outer Banks by Sunday. Some restrengthening is forecast to begin on Friday, and Jose will likely become a hurricane again by the weekend.

Kentucky's last abortion clinic heads to court to keep its doors open
The state's abrupt "about-face" - finding the clinic non-compliant - came "out of the blue", the lawsuit said . At the heart of the case, however, isn't just the question of whether the clinic met the state's standards.

LA Lakers to retire two Kobe Bryant's jersey numbers
The Lakers are in a rebuild, as they move away from the Bryant era, one of the greatest stretches in franchise history. He tallied 16,777 points, captured two titles, and participated in 10 All-Star when he donned jersey number 24.

Turkey Signs Deal To Buy Russian S-400 Missiles
He was referencing the US decision to arm the Kurdish YPG for the fight against ISIS in Syria, despite fierce protest by Turkey . His explanations, however, did not stop the outpouring of criticism from the USA and other members of the military alliance.

Frankfurt 2017: Volkswagen Paints Clearer Picture of Electric SUV
With governments planning to phase out sales of gas and diesel engines, electric cars were also a big focus throughout the show. That means that by 2030 the company plans to offer an electric or hybrid version of over 300 different vehicle models.

In hurricane zone, man gives up the last generator
Customer Pam Brekke traveled nearly 30 miles to purchase one of those generators , but she was next in line when they ran out. Santiago doesn't speak English fluently, so he didn't know why Brekke needed the generator - only that she did.