(credit: Photo illustration by Aurich Lawson)
General Motors has acquired the technology and most of the employees behind the now-defunct ride-hailing startup Sidecar, according to Bloomberg. Sidecar Co-founder and CEO Sunil Paul will apparently not be joining the company, but no explanation was given as to why.
The deal bolsters GM’s move into the driverless quasi-taxi space—earlier this month, it invested $500 million in Lyft to "leverage GM’s deep knowledge of autonomous technology."
Over the last four years, Uber has rapidly expanded to become the dominant force in the industry. Just last month, it was valued at $62.5 billion, making it the world’s most valuable startup.
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