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Magna to invest $200M in Lyft, partner on self-driving systems

Magna, a mobility technology company and one of the world’s largest automotive suppliers, and Lyft announced a multi-year collaboration in which the companies will jointly fund, develop, and manufacture self-driving systems. In addition, Magna will invest $200 million in Lyft equity. The establishment of this partnership is subject to regulatory approval.

This partnership is an industry-first and positions Magna and Lyft to enable the development and manufacturing of self-driving systems at scale. In addition to self-driving vehicles that will be deployed on Lyft’s own ridesharing network in the coming years, Magna has the ability to deploy the technologies across a wide-range of use cases to benefit the entire global mobility ecosystem.

Partnership details include:

  • Lyft will lead the co-development of the self-driving system at its Palo Alto-based self-driving engineering center.

  • Magna will lead manufacturing and join Lyft's development team onsite, contributing their vehicle systems knowledge, safety and ADAS expertise, and manufacturing capabilities.

  • Lyft and Magna will share jointly created IP and utilize Lyft data to improve systems.

  • Lyft will utilize Magna's vast automotive experience for its fleet’s self-driving systems.

This scalable technology is expected to be market-ready over the next few years and can be deployed across the industry through Magna.

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