Lyft has sold off its autonomous vehicle unit to Toyota’s Woven Planet Holdings subsidiary for $550 million.
Lyft will receive $550 million in cash, with $200 million paid upfront. $350 million will be made in payments over five years. 300 people from Lyft Level 5 team will be integrated into Woven Planet.
Lyft will save $100 million per year. Lyft already has partnerships with AV developers. Lyft is working closely with the $4 billion Hyundai-Aptiv joint venture known as Motional and Waymo.
Written by Brian Wang, Nextbigfuture.com
Brian Wang is a Futurist Thought Leader and a popular Science blogger with 1 million readers per month. His blog Nextbigfuture.com is ranked #1 Science News Blog. It covers many disruptive technology and trends including Space, Robotics, Artificial Intelligence, Medicine, Anti-aging Biotechnology, and Nanotechnology.
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2 thoughts on “Lyft Selling Self-Driving Unit to Toyota”
Remember in 2016 when they said that we'd all be taking self-driving taxis everywhere in 5 years? 5 years later and they sell their autonomous division to Toyota so I don't think that will be happening any time soon.
Hm.. What in Lyfts self-driving program is worth this much?
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