GM invests US$500 million in ride-hailing service Lyft

New York

THE founders of Lyft, the ride-hailing service, have long imagined that the future of transportation would involve fewer cars on the road. Now General Motors is helping the startup reach that goal.

Lyft announced on Monday that GM had invested US$500 million in the company, or half of its latest US$1 billion venture financing round. The funding, which recently closed, values Lyft at US$4.5 billion, not including the new capital.

GM's support …