Wednesday, 22 November, 2017

Alphabet Considering Investment in Lyft of $1 Billion

Alphabet tipped in talks with Lyft over possible $1b investment Alphabet Said to Be in Talks to Invest About $1 Billion in Lyft
Juana Turner | 16 September, 2017, 00:31

Bloomberg, citing unnamed people "familiar with the matter", on Thursday reported that Alphabet has been talking with Lyft in recent weeks about making a "potential investment" in the rideshare company. Lyft is the most despised adversary of Uber, which is associated with a progressing legitimate tussle with Waymo; in this way, it bodes well for Alphabet to put resources into Lyft.

In May, Lyft announced a partnership with Alphabet presumably created to find a vehicular home for the self-driving auto technology being developed by Waymo, the new name for Google's eight-year-old autonomous vehicle program.

The investment, which hasn't been finalized, could be as much as $1 billion, according to Bloomberg. An investment from Google could help the company achieve that goal and give it a leg up on its archrival Uber. Then in May, Waymo teamed up with Lyft to work on developing self-driving technology.

Google was an early investor in Uber, but the companies are now engaged in a hard-fought lawsuit over trade secrets. They plan to bring autonomous vehicle technology into the mainstream through pilot projects and product-development efforts. The money could help the United States ride-sharing service expand to worldwide markets and try to take some business away from rivals.

Lyft and Alphabet's friendly relationship ramped up last spring. Uber has raised more than $15 billion compared with Lyft's more than $2 billion. If this deal with Alphabet materializes, it could derail Uber's self-driving vehicle efforts or at least slow down its pace.This could help Lyft to get an edge and outmuscle Uber to become the largest US ride-hailing provider. Alphabet and Lyft both declined to comment on the subject.

If the investment pushes through, it will add to the already-heavy plate of problems of Uber and its new CEO.

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