General Motors Co will invest $500 million in Lyft Inc. to develop a long-term strategic alliance to build out a connected, ownerless car service.

The deal unveiled Monday marks the first time a large car maker has joined with a ride-sharing company, and has catapulted Lyft’s valuation to $5.5 billion.

Lyft unveils $1 billion Series F Fund
On Monday, Lyft unveiled the close of its $1 billion Series . . .

SORRY!

This content is exclusively for paying members. Access all of our content on including years of timeless investment news and in depth analysis for only a few dollars a month by signing up here while also supporting quality content and journalism, or learn more about our premium content here

If you are subscribed and having an account error please clear cache and then cookies if that does not work email support@valuewalk.com and we will get back to you as quick as humanly possible