Lyft Selling Self-Driving Unit to Toyota

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.

SOURCES- TechCrunch
Written by Brian Wang,