Posts Tagged ‘Uber competition’

Uber’s Competition Gets Tougher as New Investors Join Company

Kalanick selling shares for $1.4B to SoftBank.

by on Jan.08, 2018

Former Uber CEO Travis Kalanick is selling $1.4 billion in Uber stock to Japan's SoftBank.

Didi Chuxing Technology Co., China’s dominant ride-hailing company, which recently raised more than $4 billion in fresh capital, is increasing its presence in South America with the acquisition of Brazil’s top ride-sharing service, increasing the pressure on its principle rival, Uber, which continues to face legal challenges on all sides.

Meanwhile, reports indicated that Travis Kalanick, Uber’s founder and former CEO, is preparing to sell 29% of his stake as part of deal with Japan’s SoftBank. The deal could net Kalanick, who was forced to leave his post as CEO last year, an estimated $1.4 billion from the deal. Kalanick still owns 10% of Uber’s stock.

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Also selling Uber shares is Benchmark, a venture capital firm, which is reportedly moving 15% of its holdings worth about $900 million. Both Kalanick and Benchmark will retain seats on the Uber board, according to reports. (more…)

GM and Lyft Launch Short-Term Rental Program for Drivers

Express Drive seen as way to get new GM models on the road.

by on Mar.15, 2016

GM's new program with Lyft will allow drivers to rent a Chevy Equinox for $99 a week, but the plan is to roll the new Volt into that line-up.

General Motors will partner with Lyft, the nation’s second-largest ride-sharing service, to let drivers rent one of its vehicles at a relatively low price.

The program will begin in Chicago later this month and initially will focus on Chevrolet Equinox SUVs. But GM is also expected to use Lyft as a way to get the new Chevy Bolt battery-electric vehicle onto the street when it goes into production later this year.

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The new program comes just months after the Detroit automaker announced it would invest $500 million into Lyft, and GM President Dan Ammann said, “We’re very pleased with how quickly the GM and Lyft team collaborated to create the Express Drive program, which we will be implementing using our Maven mobility infrastructure.” (more…)