General Motors and Lyft have formed a long-term strategic alliance to create an integrated network of on-demand autonomous vehicles in the U.S.

The companies said in a statement that their joint development of a network of on-demand autonomous vehicles will leverage GM's knowledge of autonomous technology and Lyft's capabilities in providing a broad choice of ride-sharing services.

Pursuant to their agreement, GM will invest $500 million in Lyft to help the company continue the growth of its ridesharing service. In addition, GM will hold a seat on the company's board of directors.

“We see the future of personal mobility as connected, seamless, and autonomous,” said GM's president, Dan Ammann. “With GM and Lyft working together, we believe we can successfully implement this vision more rapidly.”

John Zimmer, the president and co-founder of Lyft, said, “Working with GM, Lyft will continue to unlock new transportation experiences that bring positive change to our daily lives. Together we will build a better future by redefining traditional car ownership.”