• by Laurie Sullivan  @lauriesullivan, January 4, 2016

General Motors is betting $500 million that self-driving cars are the future. On Monday the automotive giant announced an investment in Lyft just days prior to an expected official announcement at the Consumer Electronics Show (CES) from Google and Ford that the duo would create a joint venture to build autonomous vehicles and other car-related technologies.

Saudi Arabia’s Kingdom Holding, Janus Capital Management, and Japanese e-commerce firm Rakuten also contributed to the financing for a total of $1 billion.

In March 2015, Rakuten purchased an 11.9% stake in Lyft, the San Francisco-based ride-sharing service. The company invested $300 million as the lead investor in Lyft’s series E investment round. The deal could create a global delivery service for the etailer, as it sets up shop on sites like China’s JD.com.

For GM, the 107-year-old American automaker, will create rental hubs countrywide that will make vehicles owned by GM available to Lyft drivers on a short-term rental basis. The ultimate goal will see the two combine experiences in manufacturing, autonomous technology, mobile and consumer software to create a self-driving car network.

The deal marks the first time a large carmaker has joined with a ride-hailing company, but it’s not the first time an executive at a major car manufacturer has made an investment in a ride-sharing business. Ford Motor Co. Executive Chairman Bill Ford invested personally in one of Lyft’s early funding rounds through his venture firm, Michigan-based Fontinalis Partners. Not through Ford.

Lyft also is working on lead generation by getting companies to deep link into their app, mobile search links that lead directly to apps instead of Web pages in mobile browser. It enables consumers in Open Table, for example, to order car service without switching apps.