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.