The Wall Street Journal: Lyft to develop self-driving hardware, software with auto-parts supplier Magna

Lyft Inc. agreed to develop hardware and software for self-driving vehicles with auto-parts supplier Magna International Inc., the latest in a string of deals by the ride-hailing company aimed at getting robot cars on the road.

Magna MGA, +0.24%   is also injecting around $200 million into Lyft, joining a $1.7 billion funding round led by Alphabet Inc.’s GOOGL, +0.79% GOOG, +0.99%  CapitalG venture arm that values the private startup at $11.7 billion.

The companies plan to produce kits that can be installed on existing cars to enable them to operate autonomously, said Raj Kapoor, Lyft’s chief strategy officer. Retrofitting cars, as opposed to building new ones, could help the company produce autonomous vehicles more quickly and inexpensively, he said.

The announcement Wednesday adds to Lyft’s extensive roster of self-driving-vehicle partners, which includes Ford Motor Co. F, +2.23%  ; General Motors Co. GM, -0.84%  ; Alphabet’s Waymo; nuTonomy Inc.; Tata Motors Ltd.’s TTM, -0.40%   Jaguar Land Rover; and Aptiv PLC DLPH, -2.43%  , formerly Delphi. That stands in contrast to rival Uber Technologies Inc., which is primarily developing self-driving technology on its own rather than forging partnerships.

An expanded version of this report appears on WSJ.com.

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