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Toyota acquires Lyft autonomous car unit for $550 million

One of Uber’s biggest rivals, Lyft, announced the sale of its autonomous driving development division – Level 5 – to Toyota. Level 5 will now be integrated into Toyota’s Woven Planet subsidiary.

Toyota acquires Lyft autonomous car unit for $550 million

Toyota acquires Lyft autonomous car unit for $550 million (Image: SlashGear)

The acquisition will cost Toyota a total of $550 million. The Japanese company will start by paying $200 million, with the remaining $350 million to be paid over the next five years.

For Lyft, it will allow them to achieve profitability and eliminate the risk of developing costly technology. The Japanese firm currently offers ‘Level 2’ automation. In fact, the vehicle uses automation systems for driving both for longitudinal movement control and for lateral movement control, both in turn, but the driver continues to drive the vehicle, which does not detect or respond to objects and eventualities in a complete manner.

In addition, Toyota has other autonomous driving projects and has been working closely with some transportation service companies.

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