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“Assuming the transaction closes within the expected time frame and the COVID recovery continues, we are confident that we can achieve Adjusted EBITDA profitability in the third quarter of this year,” Lyft co-founder and President John Zimmer said in a prepared statement announcing the deal, which is expected to close during the third quarter.
Lyft will sell the unit, called Level 5, to Woven Planet Holdings Inc., an extension of Toyota’s research division with a mandate to advance self-driving car technology. The deal is structured to start with a $200-million payout, followed by $350 million in additional payments over five years.
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TOKYO: Toyota Motor Corp has acquired the self-driving division of American ride-hailing company Lyft for US$500 million, in a move that underlines the Japanese automaker’s ambitions in that technology.
The acquisition, announced Tuesday (Apr 27), was carried out by Woven Planet Holdings, a Toyota subsidiary that began business in January and focuses on innovations and investment in projects such as “smart cities , robotics and automated driving.
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The Woven Planet project will bring together engineers and researchers in mobility services, as well as the software and sensor assets and automated driving systems to further develop the technology, according to Toyota.
TOKYO
Toyota Motor Corp. has acquired the self-driving division of American ride-hailing company Lyft for $500 million, in a move that underlines the Japanese automaker’s ambitions in that technology.
The acquisition, announced Tuesday, was carried out by Woven Planet Holdings, a Toyota subsidiary that began business in January and focuses on innovations and investment in projects such as “smart cities,” robotics and automated driving.
The Woven Planet project will bring together engineers and researchers in mobility services, as well as the software and sensor assets and automated driving systems to further develop the technology, according to Toyota.
“This deal will be key in weaving together the people, resources, and infrastructure that will help us to transform the world we live in through mobility technologies that can bring about a happier, safer future for us all,” said Woven Planet Chief Executive James Kuffner.
Toyota to buy self-driving division of U.S. ride-hailing firm Lyft Sorry, but your browser needs Javascript to use this site. If you re not sure how to activate it, please refer to this site: https://www.enable-javascript.com/
A sign for Lyft s ride-hailing service is displayed at Los Angeles International Airport. | REUTERS
Kyodo, Bloomberg Apr 27, 2021
Toyota Motor Corp. said Tuesday it had agreed with ride-hailing firm Lyft Inc. to acquire the U.S. firm’s self-driving division for $550 million, aiming to accelerate its development of autonomous driving technologies.
The purchase via Woven Planet Holdings Inc., a Toyota unit engaging in software development, will equip the Japanese automaker with development bases in California and London in addition to Tokyo.
Toyota acquires Lyft s self-driving unit for $500 million
The acquisition was carried out by Woven Planet Holdings, a Toyota subsidiary that began business in January and focuses on innovations and investment. Author: YURI KAGEYAMA AP Business Writer Published: 4:23 AM EDT April 27, 2021 Updated: 4:23 AM EDT April 27, 2021
TOKYO, Japan Toyota Motor Corp. has acquired the self-driving division of American ride-hailing company Lyft for $500 million, in a move that underlines the Japanese automaker’s ambitions in that technology.
The acquisition, announced Tuesday, was carried out by Woven Planet Holdings, a Toyota subsidiary that began business in January and focuses on innovations and investment in projects such as “smart cities,” robotics and automated driving.