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.