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DETROIT (CBSMiami/AP) — General Motors is investing in the ride sharing company Lyft as they work towards developing a fleet of self-driving cars.

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As part of GM’s $500 million investment/partnership, they get a seat on Lyft’s board which could speed the development of on-demand, self-driving cars.

The two companies will soon open numerous U.S. hubs where Lyft drivers can rent GM vehicles. That could expand Lyft’s business by giving people who don’t own cars a way to earn money through Lyft.

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Over the long term, the companies plan to develop the fleet of autonomous vehicles that can be summoned with Lyft’s software.

Lyft says the investment came as part of $1 billion round of fund-raising. Another big investor was Saudi Arabia’s Kingdom Holding Co., which invested $100 million.

Lyft is now valued at $5.5 billion, or about 10 percent of GM’s value.

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