Page 2 - Lyft Autonomous News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Chris Davies - Apr 26, 2021, 3:33pm CDT Lyft is selling its autonomous vehicle division to Toyota, with the Japanese automaker setting up a new subsidiary, Woven Planet Holdings, to pick up the reins of the self-driving car project. Lyft established Level 5, its driverless division, back in mid-2017, and at the time had no shortage of promises for what autonomy would bring to the ride-hailing service. The Lyft Open Platform Initiative, the company promised, would develop a combination hardware and software kit around which automakers and others could build their own driverl...

Lyft sells self-driving unit to Toyota’s Woven Planet for $550M Ride-hailing company Lyft has sold off its autonomous vehicle unit to Toyota’s Woven Planet Holdings subsidiary for $550 million, the latest in a string of acquisitions spurred by the cost and lengthy timelines to commercialize autonomous vehicle technology. Under the acquisition agreement announced Tuesday, Lyft’s so-called Level 5 division will be folded into Woven Planet Holdings. Lyft will receive $550 million in cash, with $200 million paid upfront. The remaining $350 million will be made in payments over five years. A...