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Lyft sells self-driving tech unit to Toyota The Toyota Motor Corp is to acquire Lyft's self-driving technology unit in a deal that values it at $550 million. The sale of Level 5 to Toyota's Woven Planet division will allow Lyft to focus on partnerships with self-driving companies that want to deploy their technology on its platform, rather than have to develop the costly technology itself, which has yet to be put to wide-scale use. Lyft will receive $200 million cash upfront, with the remaining $350 million paid over five years, according to the companies. The deal is ...

(0) $550 Million Deal Unites Talent, Technology and Geographies to Propel the Industry Forward TOKYO, Apr 27, 2021 - (JCN Newswire) - Woven Planet Holdings, Inc. ("Woven Planet"), a subsidiary of Toyota Motor Corporation, has agreed to acquire Level 5, the self-driving division of Lyft, Inc. one of the largest ride-hailing companies in the world. This marks the first major deal for the newly established Woven Planet. The deal will bring together world-class scientists and software engineers from Level 5, Woven Planet, and researchers from Toyota Research Institute, Inc. ("TRI") already workin...

Lyft sells off autonomous car division to Toyota for $550m Image: © sharafmaksumov/Stock.adobe.com Lyft is following Uber’s move and is exiting the self-driving car game after years of costly investment in research and development. Lyft is offloading its autonomous car division to Toyota, the world’s largest carmaker, for $550m. Woven Planet, a subsidiary of Toyota that’s focused on self-driving, has acquired the autonomous driving arm of the US company for $200m upfront with $350m paid over five years. Logan Green, CEO of Lyft, said the acquisition “represents a major step forward f...

Lyft to sell autonomous driving unit to Toyota for $550 mn published : 27 Apr 2021 at 11:45 Lyft is selling its autonomous driving division to a unit of Japan's Toyota WASHINGTON - US ride-hailing service Lyft agreed to sell its autonomous driving division to a unit of Japan's Toyota for $550 million, the companies said Monday. The move follows a similar divestment from Uber last year, with ride-sharing firms focusing on core operations as they struggle during the coronavirus pandemic. The Lyft operation known as Level 5 will be folded int...

Toyota to buy Lyft unit in boost to self-driving plans By Tina Bellon and Eimi Yamamitsu Reuters AUSTIN, Texas/TOKYO (Reuters) -Toyota Motor Corp will acquire Lyft Inc's self-driving technology unit for $550 million, the companies said, as the Japanese firm steps up its automation ambitions with the newly created Woven Planet division. The acquisition of Level 5 automation will also provide Toyota access to the U.S. ride-hailing firm's more than 300 employees of the essentially complete autonomy technology. "This is the first step of establishing and bringing together the people. Obviously bu...