Lyft secures £20m investment from Jaguar Land Rover
The Uber rival and Jaguar Land Rover (JLR) will collaborate on mobility services, while JLR will also provide Lyft drivers with a fleet of vehicles
Jaguar Land Rover has invested $25 million (£20m) in US ride-share company Lyft.
The British car manufacturer’s mobility services business – known as InMotion – provided the investment, which will support Lyft’s expansion and technology plans. It will also enable InMotion to further develop and test its own mobility solutions – such as autonomous vehicles.
JLR will also provide Lyft with a fleet of Jaguar and Land Rover vehicles to be used by its drivers.
InMotion managing director Sebastian Peck 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.”
Lyft president and co-founder John Zimmer said: “We’re excited to join forces with Jaguar Land Rover and InMotion. Lyft envisions a future where shared mobility will transform cities and improve people’s lives. This partnership will help us achieve that ambitious goal.”
Hanno Kirner, JLR’s executive director of corporate and strategy, added: “This is a strategic investment for both parties as we focus on innovating new mobility solutions for our customers. Collaborating with an expanding technology business like Lyft is going to help us both accelerate our ambitions.”
Lyft is one of Uber’s key competitors in the United States. The taxi-hailing company is valued at $7.5 billion (£6bn), and has also secured investment from the likes of General Motors, which ploughed in $500 million (£394m) in 2016.
