Markets

Jaguar Land Rover invested $25 million in ridesharing service Lyft

Jaguar Land Rover invested $25 million in ridesharing service Lyft

British auto major Jaguar Land Rover (JLR) has invested Dollars 25 million in tax-hailing app Lyft through its mobility services division InMotion Ventures. With Uber's continual controversial way of working, ranging from sexism to increased concerns surrounding CEO Travis Kalanick's ability to lead, it will be news which is bound to send Uber reeling.

JLR's investment in Lyft points to the increasing interest from carmakers to partner with and invest in new-age mobility solutions companies.

Sebastian Peck, InMotion managing director, said he was excited to collaborate with Lyft, which claims to be the fastest-growing ride sharing service in the US.

InMotion Venture, an arm of the British luxury carmaker, has invested $25 million in Lyft, the companies announced Monday. This comes after the parent company of Google sued Uber for stealing its self-driving technology. But it wasn't just cash that the automaker is supplying: it's also handing over a fleet of vehicles to help the pair test autonomous vehicles, Engadget reports.

Jaguar Land Rover has announced a £19m investment in ride-sharing service Lyft.

No. 3 Halep faces unseeded Ostapenko in French Open final
Unseeded Jelena Ostapenko has won the French Open , beating No. 3 Simona Halep 4-6, 6-4, 6-3 to claim her first tour-level title. The 20-year-old Ostapenko hit 14 winners but made 23 unforced errors, while Halep made just two but only hit one victor .


Most importantly, the investment could help with Lyft's plans for expansion - with a UK-based investor, the company now has another foot outside the U.S. The ride-hailing company has previously partnered with a few Uber competitors in the Asian market, but it's kept its sights largely trained on the U.S. market. In addition to Jaguar and Waymo, Lyft works with GM on autonomous driving projects and said last week that it struck a similar alliance with startup NuTonomy.

"Lyft envisions a future where shared mobility will transform cities and improve people's lives", Lyft President John Zimmer said in a joint statement.

Not only will this cash go toward the goal of taking drivers out of cars, the partnership will involve current vehicles, too. General Motors Co., which is a major Lyft investor and partner, started working with Uber previous year on car-sharing after rolling out a similar program with Lyft.

This year, Uber has faced a storm of difficulties including a lawsuit by Waymo over alleged theft of the Alphabet division's self-driving technology; and employee terminations associated with claims from an ex-employee over sexual harassment.


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