Ride-hailing company Lyft, the second largest such firm behind Uber, has been making overtures to sell itself recently, according to a report from The New York Times. However, the discussions, which have taken place with a number of companies including Apple, Google, Amazon, Uber, Didi Chuxing, and GM, have not been fruitful.
GM is one of Lyft’s biggest investors, putting $500 million into the company earlier this year, is said to have been Lyft’s most serious suitor for, but it never made a written offer. Last week, reports said Lyft had rebuffed GM’s acquisition interest, meaning it’s not entirely clear who rejected who in the end. It’s possible the sides may have been too far apart on price to necessitate an official bid.
Lyft remains firmly in second place in the ride-hailing industry behind Uber and that isn’t likely to change any time soon. Uber made significant announcements this week into its development of self-driving cars, including a major acquisition and a partnership with Volvo.
Lyft has $1.4 billion in cash and should be able to continue operating as a private firm for quite some time, but the fact that the company is looking for an exit doesn’t evoke a lot of confidence for the future of the company. The Times says Lyft is not yet profitable, but is working toward that goal. Uber says it is profitable in the US, but not internationally.