Tata JLR invests $25 million in US rideshare company Lyft
Tata Motors-owned Jaguar Land Rover (JLR) has invested $25 million (over Rs 160 crore) in Lyft, the fastest-growing rideshare company in the US.
The investment by InMotion Ventures, a part of JLR, will support Lyft's expansion and technology plans, the UK-based luxury carmaker said in a statement.
The initiative will also provide InMotion Ventures with the opportunity to develop and test its mobility services, including autonomous vehicles, and to supply Lyft drivers with a fleet of Jaguar and Land Rover vehicles, it added.
"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," JLR Executive Director of Corporate and Strategy Hanno Kirner said. InMotion Managing Director Sebastian Peck said personal mobility and smart transportation is evolving and this new collaborative venture will provide a real-world platform helping the firm to develop its connected and autonomous services.
"Lyft envisions a future where shared mobility will transform cities and improve people's lives. This partnership will help us achieve that ambitious goal," Lyft President and Co-founder
John Zimmer said.