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:

Europe Markets: Solid gains for Europe markets as oil climbs, U.S.-China trade optimism grows Europe Markets: Solid gains for Europe markets as oil climbs, U.S.-China trade optimism grows
Market Extra: What a government shutdown could mean for the stock markets Market Extra: What a government shutdown could mean for the stock markets
Project Syndicate: Europe must fight the alt-right with more democracy, not less Project Syndicate: Europe must fight the alt-right with more democracy, not less
Capitol Report: Keeping the economy out of recession depends on the Fed getting inflation right Capitol Report: Keeping the economy out of recession depends on the Fed getting inflation right
Metals Stocks: Gold settles higher as November inflation data meet expectations and the dollar takes a dip Metals Stocks: Gold settles higher as November inflation data meet expectations and the dollar takes a dip
London Markets: Global trade optimism keeps London stocks above water as May faces no-confidence vote London Markets: Global trade optimism keeps London stocks above water as May faces no-confidence vote
In One Chart: This one chart shows how much new homes are jumping in price In One Chart: This one chart shows how much new homes are jumping in price
Tim Mullaney: As Michael Cohen goes to jail, Trump goes to the wall Tim Mullaney: As Michael Cohen goes to jail, Trump goes to the wall

Leave a Reply

Submit Comment
© 2018 Stock Investors News. All rights reserved. XHTML / CSS Valid.