General Motors Co. will invest $500 million in Lyft Inc., giving the ride-hailing startup a valuation of $5.5 billion and a major ally in the global battle against Uber Technologies Inc.
The investment, part of a $1 billion financing round for Lyft, is the biggest move by an automaker to date when it comes to grappling with the meteoric rise of the ride-hailing industry.
00:02 AT&T Aims for an Empire in Merger Talks With Time Warner4
12:55 McDonald's shares pop as investors cheer third-quarter beat
11:10 Merged BAT-Reynolds could be loaded with up to $55 billion of debt, analysts say5
23:06 AT&T discussed takeover in meetings with Time Warner: Bloomberg