In a bid to compete in the ridesharing market and compete with Zipcar, car makers are making inroads into this area. GM, for example, has a car sharing program called “Let’s Drive NYC”.
And now, it has bought the company Sidecar for $39 million or below. While CEO Jahan Khanna will go and join GM, Chief Executive Sunil Paul will not move to GM.#GM cranks up its investments in Car #Ridesharing with Acquisition of #Sidecar Click To Tweet
Earlier this month, GM had also announced investing $500 mn in Lyft.
General Motors (GM), the century-old car company behind major automotive brands Chevrolet, Buick, Cadillac, and Vauxhall, announced today that it’s investing $500 million in ride-sharing company Lyft. This represents part of a larger $1 billion raise announced by Lyft which sees a number of old and new investors enter the fray.
Keep a look out on this area as it is sure to heat up in the coming years!