13 June 2017, India:
Tata Motors-owned British luxury automobile maker Jaguar Land Rover has invested $25 million in US-based ride-hailing company Lyft.
The investment will support Lyft’s expansion and technology plans. It will also provide Jaguar Land Rover’s InMotion Ventures with the opportunity to develop and test its mobility services, including autonomous vehicles, and to supply Lyft drivers with a fleet of Jaguar and Land Rover vehicles.
Currently Uber is going through a tough time yet it has managed to hold on the grip in the global market, the company’s valuation is a massive $69 billion. Lyft, on the other hand, is steadily catching up and cracking deals with top automobile companies, Waymo being one. Lyft is currently valued at $7 billion and has plans for expansion in other countries.
Sebastian Peck, InMotion Managing Director, said, “We are excited to collaborate with a leading platform like Lyft not only on developing premium mobility solutions but also devising innovative solutions to the transport problems Jaguar Land Rover’s customers face. Personal mobility and smart transportation is evolving and this new collaborative venture will provide a real-world platform helping us develop our connected and autonomous services.”
“We’re excited to join forces with Jaguar Land Rover and InMotion,” said John Zimmer, Lyft President and Co-founder. “Lyft envisions a future where shared mobility will transform cities and improve people’s lives. This partnership will help us achieve that ambitious goal.” (Image-JLR India)