BusinessLyft raises $1 billion and partners with GM to develop driverless carsGrowing: Lyft is now valued at $5.5 billionLucy Nicholson/ReutersClare Hutchison5 January 2016Uber rival Lyft has raised another $1 billion (£680 million), including a $500 million investment from new “strategic investor” General Motors.Its work with GM, which will get a seat on Lyft’s board, will focus on developing a network of “on demand autonomous vehicles that will make getting around more affordable, accessible and enjoyable”.“GM will also establish a series of national rental hubs where Lyft drivers can access short-term vehicles, unlocking new ways for people to earn money without having to own a car,” Lyft said in a statement.The fundraising, which also involved another $100 million injection from Saudi Arabia’s Kingdom Holding – controlled by the country’s Prince Alwaleed bin Talal – and contributions from Alibaba and Rakuten, takes Lyft’s valuation to $5.5 billion.Read MoreLondon among the top ten greenest cities in the world, report showsWH Smith hire turnaround veteran with package that could be worth £25mBlue Posts boss: If opening a pub becomes so risky, people just won't do itSponsoredWinter escapes and activities to end the year in style Lyft said it was the fastest-growing rideshare platform in the US, boasting 7 million rides per month in more than 190 cities.However, it still lags behind Uber, which is valued at more than $50 billion.Uber has been developing its own driverless cars with the help of Carnegie Mellon University.MORE ABOUTLyftUberTransport
