Magna to invest $200M in Lyft to speed self-driving tech

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SAN FRANCISCO -- Ride-hailing startup Lyft is adding Magna to its long list of investors and partners to deploy self-driving technology.

The Canadian automotive supplier will invest $200 million in the tech company to co-develop a self-driving system to integrate into light vehicles. The partnership is one of many Lyft has formed with automakers, suppliers and other tech companies since it announced its self-driving efforts in July.

"We don't want just one or two companies in the world to access self-driving technology," Lyft CEO Logan Green said in a web broadcast to reporters Wednesday. "We want every OEM to be able to access the technology and be able to use the Lyft network."

The San Francisco-based company, which opened a self-driving r&d center in Palo Alto, Calif., in July, will be responsible for developing the software for the autonomous driving system. Magna will manufacture and integrate the platform into vehicles. The companies did not disclose a timeline for when the technology will come to market.

Green said automakers who use the platform will not be required to use Lyft's already existing ride-hailing network.

Lyft, which is working to catch up to rival Uber in deploying autonomous vehicle technology, is pursuing a two-pronged approach. It is providing an open platform for manufacturers, such as Jaguar Land Rover and Ford Motor Co., to deploy their own autonomous vehicles for ride-sharing, while also building its own self-driving technology.

The ride-hailing company has also inked partnerships with General Motors and Waymo before detailing its own autonomous vehicle efforts.



Magna is working with a consortium made up of BMW, Intel and Mobileye to integrate their autonomous vehicle platform into automaker vehicles.

"We are forming these partnerships to integrate and commercialize this technology," said Swamy Kotagiri, Magna's chief technology officer.

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Source: Autonews

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