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2021-04-27

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Lyft selling its self-driving business to Toyota subsidiary

Lyft Inc. is selling its autonomous-vehicle division to a ToyotaTM,-0.94%subsidiary for $550 million

Lyft selling its self-driving business to Toyota subsidiary

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While the Level 5 team, which a spokesman said numbers about 300, will head to Woven Planet, a newly named Lyft Autonomous team will be responsible for riders’ experience in self-driving vehicles and handling AV partnerships.</p>\n<p>Shares of Lyft were up about 2.5% in extended trading after closing down 1% at $63.06 in the regular session.</p>\n<p>In December, Lyft rival Uber Technologies Inc.UBER,-0.55%unloaded its self-driving business to startup Aurora Technologies. 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He said he and Green have been thinking about fleet efficiency and maximizing cost per mile for a long time.\n“Our network can introduce millions of riders to autonomous vehicles,” Zimmer said. “This puts us in the best position to win the AV transition.”\nUnder the deal, approved by both boards and subject to customary closing conditions, Lyft will receive $200 million upfront and $350 million in payments over a five-year period, according to a news release. The ride-hailing company also said it expects the transaction to reduce net operating expenses by $100 million, which will help get it to adjusted EBITDA profitability sooner. The deal is expected to close in the third quarter.\nWoven Planet and Lyft also agreed that the former will use the latter’s system and fleet data. While the Level 5 team, which a spokesman said numbers about 300, will head to Woven Planet, a newly named Lyft Autonomous team will be responsible for riders’ experience in self-driving vehicles and handling AV partnerships.\nShares of Lyft were up about 2.5% in extended trading after closing down 1% at $63.06 in the regular session.\nIn December, Lyft rival Uber Technologies Inc.UBER,-0.55%unloaded its self-driving business to startup Aurora Technologies. 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Lyft selling its self-driving business to Toyota subsidiary

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