GM buys Uber rival Sidecar, which shut down in December

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.

If Uber is able to keep costs down for riders and be cost-competitive with public transit, it could pose a significant threat to traditional individual car ownership over the long term.

According to Bloomberg:

GM is preparing to introduce its own set of transportation services, which it has dubbed Maven, the source familiar with the matter said. The initiative may allow owners of GM vehicles to give rides to other passengers who are commuting in the same direction. GM President Ammann will take charge of Maven, this person said.

The trademark “Maven" was registered in November 2015 with the United States Patent and Trademark Office, describing it as an “Application software for connecting vehicle drivers and passengers and for coordinating transportation services."