Auto sector movements – Alphabet investing $1bn in Lyft. Renault, Mitsubishi, Nissan look to future

by | Sep 15, 2017

Sources indicate that Alphabet Inc, (Google’s parent company) are in talks with ride-hailing service Lyft over injecting $1 billion into the firm, deepening links between the two businesses.

No statement has been issued by either company just yet, but the investment would come at a time of good fortune for Lyft, which has been expanding across the U.S. and claims it now covers 94% of the country’s population. An injection of capital from a major player like Alphabet would boost its position against its key rival, Uber. An IPO is expected for Lyft in 2018.

Elsewhere in the auto sector Renault are pulling together with Nissan Motors and Mitsubishi to develop a global ‘robo’ ride-hailing service. The group, which calls itself Alliance 2022, plans to roll out 12 electric cars, and 40 vehicles with totally autonomous drive technology by 2022.

Alliance 2022 predicts that total annual sales of their combined businesses will exceed 14 million units, generating revenues expected at $240 billion by the end of 2022.

The auto sector is facing a major shift, as more and more mainstream car makers start looking towards the future. Following Tesla’s lead, firms like BMW and Toyota are working towards making electric vehicles their main products, shifting away from gas guzzling cars. The next decade should be extremely interesting for this industry.

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ALL RIGHTS RESERVED © INVSTR LTD. 2017

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