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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 into Woven Planet Holdings, a subsidiary of Toyota Motor Corporation, which will create a team of some 1,200 people working on self-driving technology in Japan, the United States and Britain. Lyft will receive some $550 mill...

The acquisition gives the Japanese automaker a presence in Silicon Valley by Tina Bellon and Eimi Yamamitsu  | 1 hour ago SHARE STORY The Lyft Driver Hub is seen in Los Angeles, California, U.S., March 20, 2019.  Lucy Nicholson / Reuters Toyota will acquire Lyft Inc’s self-driving technology unit for US$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 tech research division will also provide Toyota access to the U.S. ride-hailing fir...

Toyota acquires Lyft's self-driving unit for $550 million Yuri Kageyama Updated:  Tags:  Copyright 2021 The Associated Press. All rights reserved. FILE - In this Nov. 2, 2020, file photo, visitors walk at a Toyota showroom in 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 automakers ambitions in that technology, announced Tuesday, April 27, 2021. (AP Photo/Koji Sasahara, File) TOKYO – Toyota Motor Corp. has acquired the self-driving division of American ride-hailing company Lyf...

"This is the first step of establishing and bringing together the people. Obviously building technology and product requires people, and that's much what this acquisition is about," Woven Planet chief executive James Kuffner told reporters on Tuesday. It will also give Toyota a direct presence in Silicon Valley and London and expand smart-city project "Woven City" at the base of Japan's Mt. Fuji, effectively helping it ride through dramatic changes expected in the mobility industry and major centres, he said. For Lyft, the deal will allow it to become profitable sooner and takes away the b...

(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 ...