General Motors, Lyft expand car rental program

According to a GM press release, Lyft drivers have earned almost $2 million in the Express Drive program since it was launched in March.

“Expanding Express Drive provides opportunities to hundreds of thousands of new potential Lyft drivers and continues to make vehicle ownership optional for both drivers and passengers”, John Zimmer, Lyft president and cofounder, said in a statement.

In January GM invested $500 million in Lyft.

“Expanding Express Drive provides opportunities to hundreds of thousands of new potential Lyft drivers and continues to make auto ownership optional for both drivers and passengers”, said Lyft president & co-founder John Zimmer.

The rental program, called Express Drive, makes GM vehicles available to Lyft drivers along with insurance and maintenance. GM then acquired self-driving vehicle startup Cruise Automation, and the three began to work together.

“Expanding Express Drive provides opportunities to hundreds of thousands of new potential Lyft drivers and continues to make vehicle ownership optional for both drivers and passengers” said John Zimmer, Lyft’s president and co-founder. Amman said the numbers were “meaningful and are going to be very meaningful”.

The focus on Lyft’s strategic plans followed reports that the company has hired boutique investment bank Qatalyst Partners, which is known for its merger and acquisition expertise. It also will add Denver by this fall.

Zimmer said “learnings” gained from Express Drive could apply to autonomous vehicle development.

While no time table has been established for the rollout of self-driving or partially self-driving vehicles, Lyft President John Zimmer said that “technically, things are happening faster than people realized”.

GM and Lyft said that more than 130,000 people in Los Angeles, San Francisco and Denver markets have applied to become Lyft drivers, but did not meet qualifications for their vehicles.

“The Chevrolet Bolt EV and Volt are a ideal fit for ride-sharing”, said GM President Dan Ammann in a statement.