06:40:01 EDT Sat 20 Apr 2024
Enter Symbol
or Name
USA
CA



General Motors Company
Symbol GMM
Shares Issued 1,451,677,428
Close 2017-11-14 U$ 42.93
Market Cap U$ 62,320,511,984
Recent Sedar Documents

Globe/NYT say GM-backed Lyft coming to Toronto

2017-11-14 07:44 ET - In the News

The Globe and Mail reports in its Tuesday edition that ride-hailing company Lyft is moving to gain ground internationally. A New York Times dispatch to The Globe says that Lyft announced Monday it planned to begin operating in Toronto, its first international location, in time for the holiday season. The company, which has benefited from several scandals at Uber, is trying to raise the stakes in its rivalry with its much larger competitor. Lyft has begun exploring an initial public offering in 2018 and raised $1-billion in financing last month, getting support from Alphabet's venture investment arm, CapitalG, along the way. Earlier backers include General Motors. Lyft has also been jockeying for space in the self-driving car sector, agreeing in September to a partnership with Ford to develop autonomous-vehicle designs and technology, and opening a research facility in Palo Alto, California. Lyft's expansion into Canada highlights its ambitions to challenge Uber farther afield. Lyft plans to start its service in Toronto next month. John Zimmer, the company's president and co-founder, told the Toronto Star that he expected the Canadian city to eventually become one of Lyft's five largest markets.

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