Published in Transportation

Lyft flogs self-driving car to Toyota subsidiary

by on27 April 2021

For $550 million

Lyft will sell its self-driving car unit to Woven Planet, a subsidiary of Toyota, for $550 million in cash, the companies.

Under the deal, Lyft and Woven Planet will work together on enhancing automated driving technology safety.

Lyft Co-Founder and President John Zimmer said in a statement that the deal allows Lyft to focus on advancing its Autonomous platform and transportation network. This partnership will help pull in our profitability timeline.

The company expects the deal will remove $100 million of annualised non-GAAP operating expenses on a net basis.

Because of that, Zimmer added that if the deal closes when expected in the third quarter and recovery from the pandemic continues, Lyft expects to become profitable on an adjusted EBITDA basis in Q3.

Last modified on 27 April 2021
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