Lyft is selling its autonomous vehicle division to Woven Planet Holdings, a subsidiary of Toyota.
The Toyota’s subsidiary will acquire Lyft’s self-driving division, Level 5, for $550 million in cash, $200 million of which was provided to Lyft upfront. The rest of the money, $350 million, will be paid out to Lyft over five years. Additionally, Woven Planet and Lyft have signed commercial agreements for the utilization of the Lyft system and fleet data to accelerate the safety and commercialization of the automated-driving technology that Woven Planet will develop.
