General Motors Co. is betting $500 million that ride-hailing services such as Lyft Inc. will be crucial to the future of autonomous-driving vehicles and the transformation of an industry dominated by car ownership.

The U.S.’s No. 1 car maker invested that sum in Lyft as part of a new $1 billion round of funding, the companies said on Monday. Saudi Arabia’s Kingdom Holding Co., Janus Capital Management LLC and Japanese e-commerce firm Rakuten Inc. also contributed to the financing, which values Lyft at $5.5 billion.

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