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Lyft is selling its autonomous vehicle division to Toyota


Lyft is selling its autonomous vehicle division to Toyota
Image: Robyn Beck / AFP / Getty Images
2021-04-27 02:04:52 UTC
Lyft is selling its self-driving unit to Woven Planet, a subsidiary of Toyota, in a cash deal worth $550 million, both companies announced on Monday afternoon.
The deal, which constitutes $200 million upfront and the rest over the next five years, takes Lyft s self-driving tech development expenses off its ledgers and also locks in Woven Planet to a partnership that will see the subsidiary using Lyft s platform to commercialise and manage its future robotaxi services.
The acquisition will see Lyft s existing autonomous vehicle development team, known as Level 5, move under Woven Planet Holdings umbrella; Lyft s own consumer-experience and fleet management team focused on AV will stay in-house, rebranding from Lyft Open Platform to Lyft Autonomous.  ....

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