Alphabet, Google’s parent company, could invest up to $1 billion in ride-hailing company Lyft.
Autonews reports that the technology company could invest the ten-figure sum through either Google or CapitalG, the firm’s private equity firm and that meetings over the potential investment have been held in recent weeks.
In recent months, Alphabet’s relationship with Lyft rival Uber has deteriorated following a bitter lawsuit that alleges Uber stole trade secrets about Alphabet’s autonomous vehicle technology.
Uber is still the bigger of the two ride-hailing companies but Lyft recently commenced a major television campaign and has gained market share this year following the multitude of controversies involving Uber.
With a $1 billion investment, it is thought that Lyft would be able to ensure its independence while also offering more subsidies for drivers, discounts for riders and pursuing a host of marketing ventures.
Earlier this year, Alphabet’s self-driving division, Waymo, inked a deal with Lyft to accelerate the development and implementation of autonomous vehicle technologies.
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