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Toyota snaps up Lyft’s self-driving unit for $550 million Toyota is hitting the gas to achieve its self-driving goals by buying Lyft’s autonomous vehicle business for over half a billion dollars. The two players announced the $550 million acquisition on Tuesday, saying that it would allow them to create a “dream team” of about 1,200 researchers and engineers around the world. The combined unit will live under Woven Planet, a newly formed subsidiary launched by Toyota in January. That business is dedicated to investing in futuristic technologies, including automated driving, smart citi...

Toyota snaps up Lyft’s self-driving cars unit for $550 million Toyota is hitting the gas to achieve its self-driving goals by buying Lyft’s autonomous vehicle business for over half a billion dollars. The two players announced the $550 million acquisition on Tuesday, saying that it would allow them to create a “dream team” of about 1,200 researchers and engineers around the world. The combined unit will live under Woven Planet, a newly formed subsidiary launched by Toyota in January. That business is dedicated to investing in futuristic technologies, including automated driving, smart...

(AP) TOKYO – Toyota Motor Corp. has acquired the self-driving division of American ride-hailing company Lyft for $550 million, in a move that highlights 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. Of the payment, $200 million will be paid upfront, and $350 million over a five-year period, according to Toyota. The Woven Planet project will ...

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 conti...

AP Photo/Koji Sasahara, File TOKYO (AP) — Toyota Motor Corp. has acquired the self-driving division of American ride-hailing company Lyft for $550 million, in a move that highlights 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. Of the payment, $200 million will be paid upfront, and $350 million over a five-year period, according to Toyota. The Wov...