March 18, 2021
Toyota Motor Corp., joining
Uber Technologies Inc. in stepping back from the costly driverless vehicle research once thought to be on the verge of revolutionizing ride-hailing.
The deal is worth $550 million and will allow Lyft to turn an adjusted profit in the third quarter of this year, the company said Monday. Previously, Lyft was targeting profitability by the end of the year. The company estimates that selling the division will save it $100 million in operating expenses annually.
“Assuming the transaction closes within the expected timeframe 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
Lyft to sell self-driving unit in US$550 million Toyota deal
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Toyota s Subsidiary Woven Planet to Acquire Lyft s Self-driving Car Unit for $550M
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Toyota to buy self-driving division of U S ride-hailing firm Lyft
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