---
title: "Drive Wire for August 15th: Lyft Declines GM’s Purchase Offer"
description: "Instead of looking for an owner, Lyft is focusing on its next round of fund-raising."
date: "2016-08-15"
modified: "2016-08-15"
authors:
  - name: "The Drive Staff"
    link: "https://www.thedrive.com/authors/the-drive-staff"
url: "https://www.thedrive.com/article/4844/drive-wire-for-august-15th-lyft-declines-gms-purchase-offer"
categories:
  - "News"
tags:
  - "Lyft"
---

# Drive Wire for August 15th: Lyft Declines GM’s Purchase Offer

![](<https://www.thedrive.com/wp-content/uploads/images-by-url-td/content/archive-images/081516-drivewire-lyft-tn.jpg>)
*\<em\>www.thedrive.com</em>*

Today on Drive Wire, we're talking about reports that emerged last week that Lyft rebuffed General Motors’ efforts to buy the Uber competitor. The attempt by GM is not unprecedented: Volkswagen has invested $300 in European ride-sharing start-up Gett, while BMW provided $5 million in venture funding to Scoop, a new, San Francisco-based service.

In fact, GM already owns a stake in Lyft, having spent $500 million early this year to purchase 9% of the company. As part of the deal, GM’s President Dan Ammann now sits on Lyft’s board. Despite an earlier round of funding that topped $1 billion, and often going head-to-head in promotions and pricing, Lyft still trails Uber by a wide margin.

For more on the story, see the video above.

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