Toyota is buying Lyft’s autonomous car division for $550 million
Lyft is selling its autonomous vehicle division to a subsidiary of Toyota - the latest in a series of acquisitions that is seeing the world of self-driving cars grow increasingly smaller.
Woven Planet Holdings, a subsidiary of Toyota, will acquire Lyft's self-driving division, Level 5, for $550 million in cash - $200 million of which was provided to Lyft up front. The rest of the money, $350 million, will be paid out to Lyft over five years. The ride-hailing company says it will see an annual savings of $100 million of non-GAAP expenses, which it claims will better position it to ultimately earn a profit. Toyota has also agreed to use Lyft's fleet data and platform for any commercial service it eventually launches under its Woven Planet...