Published: Thu, March 15, 2018
Business | By Tara Barton

Lyft partners with auto-supplier Magna to scale self-driving vehicle business

Lyft partners with auto-supplier Magna to scale self-driving vehicle business

Lyft just announced it's teaming up with Magna, a massive automotive parts supplier, to develop self-driving auto systems.

Lyft on Wednesday announced it will collaborate with Canada's Magna on self-driving auto technology, with the automotive components giant set to invest $200 million in Uber's main rival.

The companies have signed a multiyear collaboration deal to jointly develop, finance and manufacture self-driving systems.

Lyft has made an array of alliances, including with investors Ford and General Motors, since opening its self-driving initiative to other companies.

The news comes three months after San Francisco-based Lyft made its worldwide debut in Toronto, taking on much bigger rival Uber Technologies Inc, which has been operating in Canada for over five years. The companies did not disclose a timeline for when the technology will come to market.

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"We don't want just one or two companies in the world to access self-driving technology", Lyft CEO Logan Green said in a web broadcast to reporters Wednesday.

"We are going to move the industry from one based on ownership to one based on subscription", Mr.

The systems will be co-developed by the two companies, according to a Magna press release, though Lyft will take the lead in developing the technology at its Palo Alto, California engineering lab. Magna will lead the manufacturing side of things. The autonomous vehicles that Lyft and Magna will be working together to build will be Level 4, meaning they will be able to operate without any human intervention within the car's normal operating parameters.

"This partnership could have a meaningful and tangible impact on the new mobility landscape", Mr. Kotagiri said.

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