(AP) TOKYO – 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.
March 18, 2021
Toyota Motor Corp., joining
Uber Technologies Inc. in stepping back from the costly driverless vehicle research once thought to be on the verge of revolutionizing ride-hailing.
The deal is worth $550 million and will allow Lyft to turn an adjusted profit in the third quarter of this year, the company said Monday. Previously, Lyft was targeting profitability by the end of the year. The company estimates that selling the division will save it $100 million in operating expenses annually.
“Assuming the transaction closes within the expected timeframe and the Covid recovery continues, we are confident that we can achieve Adjusted EBITDA profitability in the third quarter of this year,” Lyft Co-Founder and President
AP Photo/Koji Sasahara, File
TOKYO (AP) 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. This deal will be key in weaving together the people, resources, and infrastructure that will help us to transform the world we live in through mobility technologies that can bring about a happier,
Lyft to sell self-driving unit in US$550 million Toyota deal bnnbloomberg.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnnbloomberg.ca Daily Mail and Mail on Sunday newspapers.
In this November 2, 2020, file photo, visitors walk at a Toyota showroom in Tokyo. Toyota Motor Corp. has acquired the self-driving division of American ride-hailing company Lyft for $500 million, in a move that underlines the Japanese automaker’s ambitions in that technology, announced Tuesday, April 27, 2021. (AP Photo/Koji Sasahara, File)
Toyota Motor Corp. has acquired the self-driving division of American ride-hailing company Lyft for US$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.