Google May Invest $1 Billion in Uber Rival Lyft

Google May Invest $1 Billion in Uber Rival Lyft

Google May Invest $1 Billion in Uber Rival Lyft

If the reports about the potential Alphabet investment are true, then Lyft seems to be cooling down on its earlier statement, in which it said that there would be no fresh round of fundraising before its IPO, notes Reuters.

Google's parent company considers investing in the ride-sharing platform. Lyft already has a partnership with Alphabet's Waymo self-driving vehicle division.

Additional investment could further push off discussion of an initial public offering, which Lyft had planned likely for 2018, according to sources close to the company.

While the relationship was deteriorating, Waymo signed a pact with Lyft to be a partner on the testing of autonomous vehicles. Vancouver could be a challenge, given the fact that it is situated in British Columbia, the province which does not allow any ride-sharing services to operate.

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The news isn't all that surprising considering Alphabet's self-driving auto unit Waymo in May announced a partnership with Lyft to bring autonomous vehicle technology to the masses.

"Whether we chose to partner with Uber or Lyft, I don't know what will be the end result". In July, Lyft announced it was forming an autonomous auto division that would be based in Palo Alto, California. The companies said that under their partnership, they would work together on new self-driving products and pilot projects. Alphabet and Lyft declined to comment on the report regarding the rumored investment, though sources who wished to remain anonymous said that there is a chance that the deal would not push through. The two companies might be a good fit for each other: Waymo has been looking for a commercial outlet for its autonomous driving tech for years; Lyft, meanwhile, is a relative newcomer to autonomous driving, but has the commercial expertise Waymo lacks.

Uber appointed a new chief executive, former Expedia CEO Dara Khosrowshahi, in late August after a string of scandals.

However, Lyft could come as a welcomed addition to Canadian streets, as it's not only known for being a safer ride-share option but also for the treatment of its drivers. Alphabet's cash would also make Lyft stronger.

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