Moneycontrol

Budget 2023Budget 2023
Upcoming Event : LeapToUnicorn - mentoring, networking and fundraising for startups. Register now
you are here: HomeNewsWorld

Toyota to buy Lyft unit in boost to self-driving plans

The acquisition of Level 5 automation will also provide Toyota access to the U.S. ride-hailing firm's more than 300 employees of the essentially complete autonomy technology.

April 27, 2021 / 02:36 PM IST
Toyota

Toyota

Toyota Motor Corp will acquire Lyft Inc's self-driving technology unit for $550 million, the companies said, as the Japanese firm steps up its automation ambitions with the newly created Woven Planet division.

The acquisition of Level 5 automation will also provide Toyota access to the U.S. ride-hailing firm's more than 300 employees of the essentially complete autonomy technology.

"This is the first step of establishing and bringing together the people. Obviously building technology and product requires people, and that's much what this acquisition is about," Woven Planet chief executive James Kuffner told reporters on Tuesday.

It will also give Toyota a direct presence in Silicon Valley and London and expand smart-city project "Woven City" at the base of Japan's Mt. Fuji, effectively helping it ride through dramatic changes expected in the mobility industry and major centres, he said.