Toyota’s subsidiary, Woven Planet Holdings has announced to acquire Lyft’s Level 5 self-driving division for $550 million.
This deal will accelerate software Innovation for Automated Driving Mobility and marks the first major deal for the newly established Woven Planet.
Lyft and Woven Planet have also signed commercial agreements to utilise Lyft’s system and fleet data to accelerate the safety and commercialisation of the automated-driving technology that Woven Planet will develop.
The ride hailing company Lyft will receive around $550 million in cash, with $200 million paid upfront subject to certain closing adjustments and $350 million of payments over a five-year period.
As a result of this transaction, Woven Planet will further revolutionise the world of mobility and realise its mission of “Mobility to Love, Safety to Live,” fuelling a broader vision of human happiness and well-being on the planet Earth.
James Kuffner, The Chief Executive Officer of Woven Planet said:
“This acquisition advances our mission to develop the safest mobility in the world at scale. The Woven Planet team, alongside the team of researchers at TRI, have already established a center of excellence for software development and technology in the Toyota Group,”
“Bringing Level 5’s world-class engineers and experts into the fold―as well as additional technology resources―will allow us to have even greater speed and impact,”
“This deal will be key in weaving together the people, resources, and infrastructure that will help us to transform the world we live in through mobility technologies that can bring about a happier, safer future for us all.”
About Lyft
The company is one of the largest transportation networks in Canada and United States, found in 2012. their transportation network brings together rideshare, scooters, bikes, car rentals all in one app.
About Woven Planet Group
The subsidiary of Toyota, Woven Planet Group was found in January 2021, its primary objective is to transform people’s life through new innovations and investment in robotics, automated driving, smart cities, and more.
