Jaguar Land Rover Invests $25 million in Lyft
June 12 2017 - 7:45AM
Dow Jones News
By John D. Stoll
Lyft drivers are getting an upgrade.
The U.K.'s luxury-vehicle duo Jaguar Land Rover has invested $25
million in Lyft Inc., the latest auto company to strike a deal with
the Silicon Valley ride-hailing company.
Under the agreement, the companies will collaborate on "mobility
services", including self-driving cars, and certain Lyft drivers
will be supplied with Jaguar or Land Rover vehicles, likely for
testing purposes.
The partnership follows a wave of conventional auto companies
pairing with a growing patchwork of tech companies, startups or
companies not seen as conventional players in the car business on
autonomous-vehicle technology and testing. For instance, Detroit
auto supplier Delphi Automotive PLC said last week it is joining
with French bus and train operator Transdev to deploy a
self-driving on-demand transportation service this year using the
parts maker's technology.
Jaguar Land Rover, owned by India's Tata Motors Ltd., follows
General Motors Co. as a Lyft investor. GM invested $500 million in
the Uber Technologies Inc. rival in early 2016.
Lyft has struck deals with Alphabet Inc.'s Waymo unit and
NuTonomy Inc. to work on technology. Lyft has plans to start
testing autonomous vehicles in controlled fleets.
The investment comes via Jaguar Land Rover's InMotion venture
arm and is part of a seed round that also included funding for
SPLT, a Detroit carpooling startup.
"Lyft envisions a future where shared mobility will transform
cities and improve people's lives," Lyft President John Zimmer said
in the joint release. "This partnership will help us achieve that
ambitious goal."
Write to John D. Stoll at john.stoll@wsj.com
(END) Dow Jones Newswires
June 12, 2017 08:30 ET (12:30 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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