Written by Pat Sweet
Jaguar Land Rover has announced a $25m (R322m) investment in Lyft, the fastest-growing ride-sharing company in the US, to support its ongoing investment in mobility services.
The manufacturer will supply a fleet of vehicles as part of the deal and said the money would help develop and test technology for self-driving cars.
The investment will be made through Jaguar Land Rover’s mobility services business InMotion Ventures.
Sebastian Peck, InMotion Ventures 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 to develop our connected and autonomous services.”
Hanno Kirner, Jaguar Land Rover’s executive director of corporate and strategy, said: “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.”
Venture InMotion’s latest investment follows its recent seed investment in SPLT, the Detroit-based digital carpool business, which works with Lyft to provide non-emergency medical transport.
The Lyft investment was included as part of the ride-hailing company’s most recent round of fundraising, which closed in April.
Uber-rival Lyft was founded in June 2012 by Logan Green and John Zimmer and is the fastest-growing ride-share company in the US, currently available in more than 350 cities.
John Zimmer, Lyft president and co-founder (pictured above), 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.”