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Lyft Lyft is selling its autonomous business unit to Toyota's Woven Planet, which is a research and investment arm focusing on smart cities and connected cars. Level 5 had been costing the ride-hailing service some $100 million a year, with robotaxis still far on the horizon. Uber recently sold its autonomous research unit as well, signaling that self-driving cars are further in the future than hoped. Just months after Uber parted with its ATG self-driving business unit, Lyft is doing the same, selling its autonomous vehicle research division named Level 5 to Toyota subsidiary Woven Planet. ...

Lyft has sold its autonomous business unit to a Toyota subsidiary in a drive to cut costs that ran upwards of $100 million per year.

Advertisement “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, fol...

Toyota acquires Lyft's self-driving unit for US$500 million Toggle share menu Advertisement Japan Toyota Lyft Share this content Bookmark 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", roboti...

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 automa...