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Did General Motors Just Try To Buy Lyft?

Photo: GM
Photo: GM

Partners General Motors and Lyft may have almost become one, according to tech news site The Information, which says GM recently tried throwing an undisclosed enormous wad of bills on the table to buy the ride-hailing company.

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The site references a source briefed on talks between the two companies, saying GM made a bid to acquire Lyft, but the latter ultimately declined, despite having previously made attempts to find a “strategic acquirer.”

The site says, instead of taking GM up on its offer, Lyft has opted for a new round of funding. That’s a tough break for The General, which had already dropped $500 million on a nine percent stake of Lyft earlier this year.

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Still, if this is true, it does indicate that GM is not playing around with this ride-sharing stuff. We’ve reached out to both companies, and will update with any comments.

Sr. Technical Editor, Jalopnik. Always interested in hearing from auto engineers—email me. Cars: Willys CJ-2A ('48), Jeep J10 ('85), Jeep Cherokee ('79, '91, '92, '00), Jeep Grand Cherokee 5spd ('94).

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DISCUSSION

ConnieHawkinsesHawkConnie
ConnieHawkinsesHawkConnie

I love Lyft but am concerned about their long-term prospects.

Uber is pretty far along with their autonomous vehicle development, but I hear and see comparitively little about Lyft’s progress and that is what the future of this market is. Lyft seems to have lower prices but that is a short-term advantage because once Uber can eliminate the driver they beat anyone else still using drivers on price by orders of magnitude.

I think GM gets that. I have to believe Lyft knows that. Maybe they’re just being extraordinarily secretive, but that seems hard to do given that Uber’s autonomous test cars have been snapped as have Google’s.