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Businesses Transportation The Almighty Buck

GM Expressed Interest In Buying Lyft, But Lyft Declined (techcrunch.com) 25

Posted by BeauHD from the bold-move dept.
An anonymous reader writes from a report via TechCrunch: The Information has reported that GM has expressed interest in purchasing the ride-sharing company Lyft. GM reportedly specified a price it would've paid for the company, but Lyft declined their offer and opted instead to raise new funding. TechCrunch reports: "The Information's info suggests that GM's interest in the car sharing market extends beyond simply partnering up with an external party (Warning: paywalled). In statements to The Information, both companies expressed continued excitement and enthusiasm about their ongoing partnership. Depending on the size of the offer on the table, this could prove a risky move by Lyft. It already faces steep competition from Uber, which has far more cash on hand thanks to a series of monster equity and debt raises. Meanwhile GM could decide it wants to own its own operation, and either look around for another acquisition target like Daimler, or build an in-house on-demand ride-service, which is what Ford appears to be doing with its Smart Mobility subsidiary."
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GM Expressed Interest In Buying Lyft, But Lyft Declined More

GM Expressed Interest In Buying Lyft, But Lyft Declined

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  • LOLL (Score:1)

    by Anonymous Coward

    GM reportedly specified a price it would've payed for the company

  • Before bankruptcy, bailout, and restructuring, something like half of GM's business was financial and not...you know...making cars. I suppose it's a bit of an improvement that the acquisition was for a company that has *something* to do with cars at least, but it sure does look the same old bean counters are back in charge. Shame too. I like my pre-bailout chevy and was thinking of getting a new one in a couple of years. If the same old story is getting a Hollywood reboot, I might just need to wait it out o

    • The truth is that GM builds shitpiles and they are going away as the auto market becomes more global. Even the Corvette is reported to have shockingly cheap shit interior. Hell, even the Caddys. And everything they build is designed to be cheap to throw together, and all other considerations come later. Actually working on a Chevy is a nightmare any more. It was great up until the eighties or so.

  • GM is a terrible company. Bad management, bad engineering, bad everything. They staff their R&D department with lifers who spend more time complaining about not getting a clause in the collective bargaining deal about toilet paper quality or ratio of decaf pots in the cafeteria than they spend thinking about the future of transportation. And somehow being acquired by that gigantic cancer would have helped Lyft gain market share over Uber?

    Only outcome would have been to force Lyft to use shitty GM cars.

    • Or only drivers who own GM cars could use Lyft. In other words, every Lyft driver would need 2 cars - one a car of their choice, and another a GM car to use for Lyft rides
  • Years ago the Detroit car companies owned pieces of (or sometimes the entirety of) the major US rental car companies. Makes a nice place to dump unsold inventory - which they still do, despite having divested their ownership over time a long time ago.

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