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Toyota is soon to buy Lyft’s autonomous car division for $550 million. With this latest addition, we can expect more self-driving cars to more widely available. Woven Planet Holdings, which is a subsidiary of Toyota, would acquire Lyft’s self-driving division.
The division is Level 5, and they have bought it for $550 million. According to reports, $200 million has already been paid to Lyft as an upfront. The left-out $350 million, would be paid out to Lyft over five years. The organization says it will see yearly reserve funds of $100 million of non-GAAP costs, which it cases will better position it to at last acquire a benefit. Toyota has additionally consented to utilize Lyft’s armada information and stage for any business administration it ultimately dispatches under its Woven Planet auxiliary.
Reports say that this deal is expected to close in the third quarter of 2021. That also means that it would bring an end to Lyft’s four-year journey toward developing and deploying its own self-driving cars. Last year, Uber had also sold its AV project to Aurora, which is a startup founded by the former head of Google’s self-driving project.
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