GM cranks up its investments in Car Ridesharing with Acquisition of Sidecar

GM cranks up its investments in Car Ridesharing with Acquisition of Sidecar

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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.

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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!

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