General Motors Acquires Sidecar's Technology And Assets

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General Motors have acquired what remains of the former ridesharing provider Sidecar. In addition to incorporating t Sidecar's technology, the car manufacturer will bring about 20 employees over to bolster its own efforts in the space.

What's noteworthy is that among the personnel being kept on, is the co-founder and CEO, Jahan Khanna. However, Chief Executive Sunil Paul has opted not to make the move to GM.

Last month, Sidecar announced that it was ceasing operations in order to learn "other strategic opportunities." It failed to challenge the strategies of Uber and Lyft, two competitors that earned not only a lot of market share, but also the Sidecars share of venture capital.

GM will be using Sidecar's technology to boost its existing technical initiatives in the ridesharing space. Last week, the automotive manufacturer announced it was investing $500 million into Lyft and said that it is also interested in building self-driving cars.

As the ridesharing industry becomes increasingly popular, it's not surprising to see more and more car makers looking for ways to tap into the market.

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Read more on: #general motors #auto news
Story first published: Tuesday, January 19, 2016, 17:50 [IST]
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