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.

Also popular on WSJ.com:

One woman rolls her eyes and captivates a nation.

How your returns are used against you at Best Buy, other retailers.

Filed in: Top News Tags: 

You might like:

Asia Markets: Asian markets mixed as investors process Fed’s outlook Asia Markets: Asian markets mixed as investors process Fed’s outlook
Tesla revives popular customer-referral program Tesla revives popular customer-referral program
The Wall Street Journal: MoviePass owner names interim CFO The Wall Street Journal: MoviePass owner names interim CFO
The physical and financial costs of school sports — and the potential lucrative rewards The physical and financial costs of school sports — and the potential lucrative rewards
Elon Musk reportedly calls on all Tesla workers to help with end-of-quarter delivery crush Elon Musk reportedly calls on all Tesla workers to help with end-of-quarter delivery crush
The Wall Street Journal: NFL paid less than $10 million to settle Colin Kaepernick collusion case The Wall Street Journal: NFL paid less than $10 million to settle Colin Kaepernick collusion case
The Wall Street Journal: Pinterest speeds up IPO plans, could list by mid-April The Wall Street Journal: Pinterest speeds up IPO plans, could list by mid-April
Personal Finance Daily: Why Theranos founder Elizabeth Holmes may have faked a low voice and how Apple convinced us that AirPods aren’t ridiculous (anymore) Personal Finance Daily: Why Theranos founder Elizabeth Holmes may have faked a low voice and how Apple convinced us that AirPods aren’t ridiculous (anymore)

Leave a Reply

Submit Comment
© 2019 Stock Investors News. All rights reserved. XHTML / CSS Valid.