Ride Sharing firm Lyft has agreed to sell its autonomous vehicle division to Toyota  for $550 million. Lyft joins Uber in stepping back from the costly driverless  vehicle research considered to be the holy grail of AV ride hailing. Lyft will sell the unit, named Level 5 to Woven Planet Holdings, an extension of Toyota’s research division. The sale comes as Lyft sees its ride-hailing business rebound as the pandemic and associated lock downs begin to subside. Even as ride hailing recovers, expectations for highest level autonomous vehicle development have been muted as cost and time factors have expanded longer than initially expected.

 

For more: https://www.bloombergquint.com/business/lyft-to-sell-autonomous-driving-unit-in-550-million-deal

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