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Lyft to sell self-driving unit in $550 million Toyota deal

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“Assuming the transaction closes within the expected time frame and the COVID recovery continues, we are confident that we can achieve Adjusted EBITDA profitability in the third quarter of this year,” Lyft co-founder and President John Zimmer said in a prepared statement announcing the deal, which is expected to close during the third quarter.
Lyft will sell the unit, called Level 5, to Woven Planet Holdings Inc., an extension of Toyota’s research division with a mandate to advance self-driving car technology. The deal is structured to start with a $200-million payout, followed by $350 million in additional payments over five years. ....

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Toyota to buy self-driving division of U.S. ride-hailing firm Lyft

Toyota to buy self-driving division of U.S. ride-hailing firm Lyft
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A sign for Lyft s ride-hailing service is displayed at Los Angeles International Airport. | REUTERS
Kyodo, Bloomberg
Apr 27, 2021
Toyota Motor Corp. said Tuesday it had agreed with ride-hailing firm Lyft Inc. to acquire the U.S. firm’s self-driving division for $550 million, aiming to accelerate its development of autonomous driving technologies.
The purchase via Woven Planet Holdings Inc., a Toyota unit engaging in software development, will equip the Japanese automaker with development bases in California and London in addition to Tokyo. ....

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Toyota Buys Lyft's Sell Self-Driving for $550M

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 continues, we are confident that we can achieve Adjusted EBITDA profitability in the third quarter of this year,” Lyft Co-Founder and President ....

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Lyft to sell self-driving unit in US$550 million Toyota deal

Lyft to sell self-driving unit in US$550 million Toyota deal
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Toyota to buy self-driving division of U.S. ride-hailing firm Lyft

Toyota to buy self-driving division of U.S. ride-hailing firm Lyft
japantimes.co.jp - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from japantimes.co.jp Daily Mail and Mail on Sunday newspapers.

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