Lyft announced that Jaguar Land Rover is making a $25 million investment through its mobility services arm, InMotion Ventures. The company has said that it will use the cash influx to support further expansion in the U.S. as well as fund development of self-driving technology. Moreover, Lyft will also get a fleet of Jaguar and Land Rover vehicles.
Lyft has entered into strategic partnerships with many significant players in the automotive ecosystem, consolidating its position against its competetors like Uber. In the recent past Lyft has announced collaborations with Waymo, Nutonomy and before that it had a partnership with GM.
InMotion Ventures has stated that the investment will give JLR the opportunity to develop and test its mobility services, including autonomous vehicles.
Lyft has total valuation of about $7 billion while Uber stands at $69 billion, Uber also has partnerships with GM which has $500 million investment in Lyft , Mercedes-Benz and Toyota. So this shows that the gap between the two companies is huge but Lyft is making the right moves to get even with its main rival.