April 27, 2021 Share
Toyota Motor Corp. has acquired the self-driving division of American ride-hailing company Lyft for $550 million, in a move that highlights the Japanese automaker’s ambitions in that technology.
The acquisition, announced Tuesday, was carried out by Woven Planet Holdings, a Toyota subsidiary that began business in January and focuses on innovations and investment in projects such as “smart cities,” robotics and automated driving.
Of the payment, $200 million will be paid upfront, and $350 million over a five-year period, according to Toyota.
The Woven Planet project will bring together engineers and researchers in mobility services, software and sensor assets and automated driving systems to further develop the technology, according to Toyota.
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$550 Million Deal Unites Talent, Technology and Geographies to Propel the Industry Forward
TOKYO, Apr 27, 2021 - (JCN Newswire) - Woven Planet Holdings, Inc. ( Woven Planet ), a subsidiary of Toyota Motor Corporation, has agreed to acquire Level 5, the self-driving division of Lyft, Inc. one of the largest ride-hailing companies in the world. This marks the first major deal for the newly established Woven Planet.
The deal will bring together world-class scientists and software engineers from Level 5, Woven Planet, and researchers from Toyota Research Institute, Inc. ( TRI ) already working together with Woven Planet. The resulting combined dream team of approximately 1,200 will represent one of the most diverse, well-resourced and talented groups in this field.
Toyota snaps up Lyft’s self-driving unit for $550 million
Toyota is hitting the gas to achieve its self-driving goals by buying Lyft’s autonomous vehicle business for over half a billion dollars.
The two players announced the $550 million acquisition on Tuesday, saying that it would allow them to create a “dream team” of about 1,200 researchers and engineers around the world.
The combined unit will live under Woven Planet, a newly formed subsidiary launched by Toyota in January. That business is dedicated to investing in futuristic technologies, including automated driving, smart cities and robotics.
The deal will allow Woven Planet, which is headquartered in Tokyo, to expand overseas, with offices in Silicon Valley and London.
Toyota snaps up Lyft’s self-driving cars unit for $550 million
Toyota is hitting the gas to achieve its self-driving goals by buying Lyft’s autonomous vehicle business for over half a billion dollars.
The two players announced the $550 million acquisition on Tuesday, saying that it would allow them to create a “dream team” of about 1,200 researchers and engineers around the world.
The combined unit will live under Woven Planet, a newly formed subsidiary launched by Toyota in January. That business is dedicated to investing in futuristic technologies, including automated driving, smart cities and robotics.
The deal will allow Woven Planet, which is headquartered in Tokyo, to expand overseas, with offices in Silicon Valley and London.